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Finance Minister Nirmala Sitharaman on February 5 proposed an Interim Budget of Rs 1.18 lakh crore for fiscal 2024-25 for the Union Territory of Jammu & Kashmir.

The budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 percent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 percent of the GSDP. The revenue expenditure is expected to be Rs 80,162 crore, and the revenue receipts for the next fiscal stood at Rs 97,861 crore.

Total receipts in respect of the proposed “Vote on Account” for 2024-25 are estimated at Rs 59,364 crore, excluding the provision for ways and means advances of Rs 16,568 crore. These receipts include Rs 48,930 crore as revenue receipts and Rs. 10,434 crore as capital receipts.