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First zero deficit budget for Jammu and Kashmir
Tuesday, 03 June 2003, 19:30 IST
SRINAGAR: Jammu and Kashmir has a zero deficit budget for the first time.
Tabled by Kashmir Finance Minister Muzaffar Hussain Beigh Tuesday, the first annual budget since the Mufti Mohammed Sayeed government took over six months ago has other achievements to its credit.
Beigh presented a fully funded 2003-04 budget document with no fund gap in the resources.
He told the state assembly that the spirit behind the budget was the chief minister's advice to his fund managers: "Don't beg, don't steal, borrow as little as possible."
For the first time, the state government decided its own budget size rather than getting the federal Planning Commission to do it for them.
Beigh said in his budget speech: "Prime Minister Atal Bihari Vajpayee had offered us a plan size of 
26 billion. The offer was very tempting, but we decided against it because of many reasons and worked out a plan size of 25 billion with a capital component of 16.27 billion."
Loan financing of the budget has been reduced from 50 percent in the last fiscal year to just 28 percent this year.
Projected revenue receipts have increased by 12 percent. Of this, the centre would make up for seven percent.
The largest increase in central resources would be in plan grants that would go up from 22.62 billion to 29.51 billion, recording a 30 percent increase.
Most toll posts have been abolished, except for two - one at the entry point into the state at Lakhanpur and the other at the entry point into the Valley at Lower Manda near the Jawahar Tunnel. This has been done to ensure free flow of trade and traffic.
The state has also withdrawn the toll tax on export of walnuts and fresh fruit from the state.
The finance minister announced a tax holiday of one year for hotels, restaurants and dhabas (small eating houses) in the state. Subsidy benefits available to the tourist industry have now been extended to tour and travel operators as well.
A two-year holiday in entertainment tax has also been announced to boost ancillary tourist activities. The two-year tax holiday has been extended to professionals, traders and those enterprises generating self-employment.
The state would, for the first time, have online and offline lotteries.
Health cover insurance has been extended to scheduled caste/scheduled tribes as well as senior citizens and orphans. Nutritional and educational cover to the girl child has been made available for the first time.
Medical insurance cover for hospitalisation expenses has been extended to government employees, their spouse and two dependents.
Land revenue has been abolished across the state, but this would not apply to recoveries on account of default of bank loans.
The state electricity board has also been abolished.
Source: IANS
26 billion. The offer was very tempting, but we decided against it because of many reasons and worked out a plan size of 25 billion with a capital component of 16.27 billion."
Loan financing of the budget has been reduced from 50 percent in the last fiscal year to just 28 percent this year.
Projected revenue receipts have increased by 12 percent. Of this, the centre would make up for seven percent.
The largest increase in central resources would be in plan grants that would go up from 22.62 billion to 29.51 billion, recording a 30 percent increase.
Most toll posts have been abolished, except for two - one at the entry point into the state at Lakhanpur and the other at the entry point into the Valley at Lower Manda near the Jawahar Tunnel. This has been done to ensure free flow of trade and traffic.
The state has also withdrawn the toll tax on export of walnuts and fresh fruit from the state.
The finance minister announced a tax holiday of one year for hotels, restaurants and dhabas (small eating houses) in the state. Subsidy benefits available to the tourist industry have now been extended to tour and travel operators as well.
A two-year holiday in entertainment tax has also been announced to boost ancillary tourist activities. The two-year tax holiday has been extended to professionals, traders and those enterprises generating self-employment.
The state would, for the first time, have online and offline lotteries.
Health cover insurance has been extended to scheduled caste/scheduled tribes as well as senior citizens and orphans. Nutritional and educational cover to the girl child has been made available for the first time.
Medical insurance cover for hospitalisation expenses has been extended to government employees, their spouse and two dependents.
Land revenue has been abolished across the state, but this would not apply to recoveries on account of default of bank loans.
The state electricity board has also been abolished.
Source: IANS