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| In 2 months, Guv took JK out of financial mess | | |
Peerzada Ummer
Early Times Report
srinagar, Mar 22: What could act as the guiding principle for the political parties forming the Government in Jammu and Kashmir is how Governor NN Vohra has succeeded in clearing the financial irregularities in the State left by the previous regimes.
The Governor in the recent past too has taken an extra ordinary step and ordered to clear the outstanding debt of Rs 3537 crore of the Central Public Sector Undertakings (CPSUs) for the power which was purchased by the State to meet the demand of energy.
The process was initiated with the novel procedure that wasn't in vogue during the tenure of the previous regimes. The Government has decided that it will raise bonds to clear the debts. It also presents a clearer picture about how much the financial irregularities were marring the State and also the amount of the fiscal mess in which Jammu and Kashmir has been reeling. The measure of issuing the bonds has been taken for the very time in Jammu and Kashmir and that earlier the previous Governments never took such a step to clear the debts. The State on one side while failing to ensure the power reforms has been using the Central grants even to meet the salary expenses of the State.
The major challenges confronted by the State of Jammu and Kashmir include the perennial debt and power deficit due to which the scores of developmental works have taken a back seat. There are several key developmental works which are in the limbo and no effort earlier was taken to start work on them.
Furthermore, the ruling parties in the State instead of creating assets for the State have been giving employment in large numbers to the people at Public Sector Undertakings (PSUs) due to which the PSUs in the State incurred losses in crores to the state exchequer. The parties have been found adjusting their own people in these PSUs to lure votes, resulting in total chaos and mess on ground. The Finance Department in its recent inquiry has found that despite a blanket ban imposed by the Government in making fresh appointments in the PSUs, the ruling parties threw rules to winds and made PSUs to suffer financially.
The meeting of the Finance Department held recently by the Governor also found how the previous regimes were left with no alternative but to lift the money from the market after raising loans due to which the liabilities have increased multifold. The Government has been borrowing the money from the Reserve Bank of India (RBI) to fund the expenses. Over the years the State economy has turned from bad to worse as the fiscal liabilities have swollen and the grants and devolution from Government of India are used to meet the anticipated expenditures. |
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