Jammu and Kashmir government today presented Rs 79,472 crore deficit budget laying emphasis on pro-employees welfare initiatives, including the implementation of 7th Pay Commission from April next year.
In his speech while presenting his third budged in Jammu and Kashmir Assembly, Finance Minister Haseeb Drabu said the focus will be on timely rollout of projects under PMDP to the tune of Rs 80,000 crore for development and reconstruction of physical and economic infrastructure.
Various initiatives were also announced including insurance to Government properties, crops, heritage properties and various types of financial aid for workforce in different sectors, he added.
''During 2017-18, the State Government intends to spend almost Rs 79,472 crore. Of this, developmental expenditure would be about Rs 31,000 crore and current expenditure would be almost Rs 49,000 crore,'' Dr Drabu said.
He said that this level of expenditure will be financed through non debt creating receipts of Rs 58,000 crore and about Rs 18,000 crore of borrowings.
The Minister said that the Budget is a step towards improving fiscal management and operational efficiency of government spending.
Highlighting the measures incorporated in the Budget, Dr Drabu said it is a departure from the traditional Public Administrative Budgeting to a modern Public Management Approach.
The proposed new Public Management System is designed for greater flexibility of inputs and processes in return for greater emphasis on outputs and performance.
''Effort has been made in this Budget to initiate a comprehensive change of procedures and organization, aided by Information Technology,'' he added.
He said that in order to streamline and strengthen the operational process of allocation and utilization of expenditure across sectors and activities, computerized budgeting system known as "Budget Estimation, Allocation and Monitoring System (BEAMS)" which is an online computerized system to distribute the Budget and to authorize expenditure has been introduced in the Budget.
''This will overcome the difficulties and shortcomings of current process of budgeting, releasing, and distributing the Budget within the Government authorities and booking the expenditure against the budget,'' said Dr Drabu.
The Finance Minister said the Budget also proposes to move away from the old system of Treasuries to Pay and Accounts offices.
Computerized Integrated Financial Management System (IFMS) will also replace the present system of budget control mechanism of audit and invoice checking at the department level.
In order to lower the expenditure during the last quarter, it is proposed in the budget that from the next fiscal, last quarter expenditure should be limited to 30 percent of budget allocation and further in the month of March, the expenditure should be limited to 15 per cent of the Budget Estimates, he said.
Later speaking to media, Dr Drabu said that this budget also proposed increase in the advertisement tariffs to cover the inflation and increased cost of newsprint and other materials.
Place at Polo View Srinagar be handed over to the journalist fraternity for setting up of Kashmir Press Centre 'Aiwaan-e-Sahaafat', he added.
The Finance Minister also highlighted various other measures incorporated in the Budget besides responding to the queries made by the media persons related to the Budget 2017-18 and other issues.UNI VBH SHS SHK 2141
-- (UNI) -- C-1-1-DL0329-1103937.Xml