JK Guv-led SAC approves Rs 88,911 cr state budget for FY'20
Jammu and Kashmir Governor administration Saturday approved Rs 88,911 crore state budget for the fiscal 2019-20, which is expected to give a massive push to public infrastructure in the state.
The budget was approved by the State Administrative Council (SAC) headed by Governor Satya Pal Malik at a specially convened meeting here this evening, state chief secretary B V R Subrahmanyam said. Principal secretary finance Navin K Choudhary gave a detailed presentation to the SAC on the revised estimates for 2018-19, budget estimates for 2019-20 and other key features of the budget.
The SAC was informed that the focus of the budget 2019-20 is to give a big push to tangible developmental initiatives with Rs 30,469 crore earmarked for building public and social infrastructure in addition to Rs 3,631 crore already provided under languishing projects programme.
The SAC observed that investment in infrastructure is the growth driver for economy and has a cascading impact on all sectors including employment generation and socio-economic development. "The budget 2019-20 is structured around three fundamental objectives of building infrastructure, building institutions and building systems under the government's overarching mission for delivering development and mission on good governance.
"The budget is aimed at driving the state's economic growth through multifarious initiatives with thrust on substantive developmental and welfare measures. The investment in key developmental and social sectors has been enhanced substantively to leave a visible impact on the ground," the chief secretary said. He said to build adequate capacities in the line departments for spending huge developmental funds, it has been decided that the line departments would be adequately strengthened by way of providing consultants, setting up of dedicated Detailed Project Report (DPR) preparation cells and project Implementation agencies and IT consultants.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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