Like our Facebook Page

news details

Financial mess in JK: Govt faces uphill task Budget Session 5/22/2016 12:30:02 AM Peerzada Ummer Early Times Report Srinagar, May 21: The Herculean task for the government led by Mehbooba Mufti in the coming budget session would be to tame the irregularities in state finances which witnessed serious crisis while pushing JK towards virtual economic breakdown. The government announced the Business Advisory Committee (BAC) for the budget session, scheduled to start here from May 25. The members of the newly-constituted committee include Deputy Chief Minister Nirmal Singh, Minister for Public Works and Parliamentary Affairs A R Veeri, MLAs Mian Altaf Ahmed, Hakeem Mohammad Yaseen, M Y Tarigami, Vikar Rasool, Mohammad Yousuf Bhat and Rajesh Gupta, an official spokesperson said. MLAs Rajeev Jasrotia and Bashir Ahmed Dar will be special invitees to BAC, he said. However, what, according to sources, is becoming government's top priority is to tame the finances which till date continue to remain messy. Early Times, quoting official sources, has already reported that in past financial year, the fiscal liabilities were to the tune of Rs 44673 crore in the state. The government failed to bring down the deficit in comparison to the gross state domestic product (GSDP) output, hence emerging as a matter of huge concern. A large chunk of state's revenues goes in the payment of interest on debts as government lifts the money from the Reserve Bank of India at a higher interest rate. In comparison to the GSDP the fiscal liability has been floating between 50-55 percent since past several years. Pertinently, the government had promised last year that it would strive to reduce the fiscal deficit. However, sources within the state's finance ministry revealed that no serious measures were taken by the government to keep a check on the fiscal mismanagement and get the state out of the financial crises which it has been witnessing since long. Meanwhile, sources divulged that the chief minister Mehbooba Mufti has asked Finance Minister, DrHaseebDrabu, to slot-in 'effective and workable measures' in the Budget for promotion of local entrepreneurial culture in the State. Sources revealed further that for building confidence of the budding entrepreneurs and start-ups, the chief minister has instructed the department to ease tailbacks in clearances of cases for which more services like land allotment; power availability certificate and NoCs from PCB have to be brought within the ambit of Public Services Guarantee Act. Furthermore, the government has resolved that it would prioritise the Public Private partnership in state's various sectors in a bid to make the state more self-reliant. Also the fiscal liabilities are being ascertained to give proper direction to the state finances. Pertinently, the maiden Budget session of Mehbooba-led PDP-BJP Government would start on May 25 in Srinagar.   Share This News with Your Friends on Social Network     Comment on this Story

top stories of the day

PMO takes note of senior mantri's communal remarks Kashmiris prefer 'Pahalgam chalo' to 'Eidgah chalo' BJP wins only 66 of 822 assembly seats VC bars Budhpurnima celebrations in JU Delhi does plain-speaking, says Pak epicentre of global terrorism Cong leaders fishing in troubled waters, skip blood donation camp Financial mess in JK: Govt faces uphill task Mehbooba moots 'capital city plans' for Srinagar, Jammu Hypocrisy, thy name is politician of JK To get back 'favourite' PSO, BJP MP runs from pillar to post Khour rape case: BJP leader playing dubious role to hush up matter PDP MLAs cry discrimination with Sgr BJP's state unit in trouble for 'ignoring' Sajjad Lone Fleecing gullible into honeytraps, revenue official making good use of defunct Tehsil office Five militants killed in encounter at Drugmulla-Kupwara CT scan machine in SDH Bhaderwah still defunct GoI's refusal to hand over power projects hits coalition Govt PDP perturbed over Power minister's rejection of NHPC projects Clash in exam timings puts SET, PhD aspirants in tight spot Education Deptt issues 2 orders to 'fight' scorching heat Private schools defy Govt order, stay open DIET team finds primary school closed for 20 days Gurdwara committee refutes R&B CE's representation claim Govt bulldozes Jammu Darbar, Honda showroom on NHA1 Strike, restrictions cripple life in Kashmir, separatist rally to Eidgah foiled Encroachment of GDC land: DC seeks details from college principal 2 revenue officials suspended over corruption charges

STOCK UPDATE

BSE Sensex NSE Nifty

CRICKET UPDATE