J&K: Rather presents budget; telephone links to be set up to boost cross-LoC trade
Rather also said that from the next financial year a uniform tax regime, Goods & Services Tax, would be introduced throughout the country and for the 2010 year he proposed exemption of VAT and Toll tax on Industry and Tourism.
JAMMU AND Kashmir minister for Finance, Abdul Rahim Rather on Friday presented the Annual Budget 2010-11, which is the second budget of the present Government. Rather also said that from the next financial year a uniform tax regime, Goods & Services Tax, would be introduced throughout the country and for the 2010 year he proposed exemption of VAT and Toll tax on Industry and Tourism. He said a new trade policy is on the anvil favouring more investment and trade activity. The Minister said the Centre has agreed to restore five telephone links across LoC for making the trade transactions smoother and simpler. He said the State Government is requesting the Centre for making the trade easier and basic infrastructure in this regard is being developed. He said the quantum of trade across LoC is also increasing. Budget highlights:- • Estimates of Total Receipts (TR) – Rs. 25984 crore as against Rs. 22885 crore in 2009-10.• Estimates of Total Expenditure (TE) also at Rs. 25984 crore as against Rs. 22885 crore in 2009-10.• Highest ever Share in Central Taxes – Rs. 2911 crore under 13th Finance Commission Award as against Rs. 1880 crore in 2009-10. • Central Grants also at a high of Rs. 3940 crore as against Rs. 2385 crore in 2009-10. However, the flow will be tapering with terminal year (2014-15) flow of Rs. 2096 crore.• Revenue Receipts (RR) contribute Rs. 22849 crore, Capital Receipts Rs. 3135 crore.• Revenue Expenditure (RE) including Security Related Expenditure (SRE) – Rs. 17698 crore, Capital Expenditure (CAPEX) – Rs. 8286 crore.• Non Plan Revenue Expenditure (NPRE) consumes Rs. 16717 crore of which Rs. 2251 crore for interest payment.• Non Plan Capital Expenditure (NPCE) of the order of Rs. 1211 crore of which Rs. 959 crore comprise loans repayment.• Annual Plan 2010-11 size Rs. 7206 crore of which Rs. 1206 crore under Prime Minister’s Reconstruction Plan (PMRP).• Plan Revenue Expenditure (PRE) estimates at Rs. 927 crore. Plan Capital Expenditure (PCE) Rs. 6279 crore and Rs. 850 crore under CSS.• Off-treasury developmental expenditure Rs. 3323 crore.• Non-Plan salaries burden at Rs. 8179 crore including Rs. 725 crore for DA installments. • Pension bill soars to Rs. 1800 crore as against Rs. 1495 crore in 2009-10.• Rs. 8 crore for migrants’ group mediclaim insurance.• Rs. 15 crore set apart for 10% Employer’s share under New Pension System introduced from January, 2010.• Starting with fiscal 2007-08, an amount of Rs. 4 crore is being provided every year for settling outstanding of JAKFED towards JCCB crystallized at Rs. 80 crore. • Besides Rs. 128 crore for maintenance under non-plan, Rs. 20 crore under Plan also for Flood Protection and R&B Sector.• Rs. 7.62 crore for strengthening of Regional Rural Banks.• Rs. 75 crore in Plan for implementation of Sher-e-Kashmir Employment & Welfare Programme for Youths.• For bringing greater transparency and accountability in implementation of development programme, 150 projects worth Rs. 744 crore assigned to NABCONS and M/S Mckenzy.• Rs. 60 crore for meeting cost of VRS/GHS in PSUs. • Provision of Rs. 2051 crore for purchase of power from CPSUs and J&K SPDC. • For Media, revision of Advertisement rates done after 2006. Rates enhanced by 40%. Budgetary provisions also increased by Rs. 150 lakh under REs 2009-10 and further by Rs. 245 lakhs in 2010-11.• Completion of all ongoing Health and Educational institutions and making these fully operational by end 2010-11 a major thrust area under Plan.• Rs. 30 crore for improving HT/LT network through CD route. Another Rs. 20 crore for creation of transformer bank.• Rs. 35 crore envisaged for enhancing share capital of State Financial Corporation for its revival. Initial Rs. 5 crore provisioned in 2010-11.• Rs. 20 crore for reactivation of worn out and procurement of new water supply pumps.• Rs. 2 crore for strengthening the Planning mechanism. • Plan outlay for Rural Development raised by 82%. Roads Sector gets 51% hike. Social Services receive 45% enhancement. Agriculture Sector outlay hiked by 28%.
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