By: Ibni Maqbool
Srinagar: In a major push for development in Jammu and Kashmir, around 37 percent of the Union Territory’s budget in 2022-23 would be utilized for capital expenditure.
Documents in possession of The Precious Kashmir show that the total expenditure estimated for J&K UT in next fiscal is Rs 1, 12,950 crore.
Of which Rs 41,335 crore (37%) is for capital expenditure and Rs 71,615(63%) crore for revenue expenditure. Capital expenditure refers to money spent on the creation of assets for future use like roads and buildings for health facilities. Revenue expenditure includes things like interest payments and salaries that the government pays on an ongoing basis.
As per budget documents, the capital component of the budget has increased substantially. “The expected revenue receipts are Rs 1,02,322 crore whereas revenue expenditure is expected to be Rs.71,615 crore thereby making available revenue surplus for capital expenditure to the tune of Rs.30,707 crore,” the documents state.
According to the documents, the capital receipts are projected at Rs 10,628 crore and capital expenditure is expected to the tune of Rs.41,335 crore which is 37% of the earmarked budget.
According to the J&K’s expenditure plan for next fiscal, 29 percent of budget funds would go for paying salaries of employees, nine percent for pensions, six percent for interest payment and 19 percent for other expenses.
