Srinagar, Feb 1: Jammu and Kashmir has been allocated Rs 37,277.74 crore in the interim union budget for 2024- 25, which was unveiled by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Thursday.
Of this, Rs 35,619.30 crore alone have been kept for bridging resource gap in the Union Territory.
The union budget has no changes in income tax rates for individuals and corporates, as well as customs duty.
This was the last budget of PM Modi led government ahead of the Lok Sabha elections scheduled to be held in April-Mat this year.
Meanwhile, Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget that also gave relief to common man from disputed small tax demands of up to ₹25,000.
Presenting a vote on account or an interim budget for 2024-25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.
In less than an hour-long budget speech, she presented the Modi government’s achievements in the last 10 years that transformed India from being a ‘fragile’ economy to the world’s fastest-growing major economy.
She hiked capital expenditure to ₹11.11 lakh crore for 2024-25 while trimming the fiscal deficit for this financial year to 5.8 per cent, from the budgeted 5.9 per cent of GDP, and further lowering to 5.1 per cent in the next fiscal.
—(With KNO inputs)
