J&K Budget session to begin from Jan 18

Jammu and Kashmir government today advanced the Budget session of the State Legislature and fixed the date of its commencement from January 18 next year.
"We have advanced the Budget session of the State Legislature. It will commence from January 18, for which a recommendation shall be made to the Governor for summoning the Legislature," Chief Minister Mufti Mohmmad Sayeed said after a Cabinet meeting here.
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"Systems should be independent of individuals. Our
government's strategy is to evolve a fiscal policy of which public investment will be the driving force. We will spend more which will generate more employment," the Finance Minister said.

On the issue of fiscal deficit of about Rs 3000 crore in the Budget 2016-17, Drabu said the deficit does not monetize in real sense.

Reacting to the uproar over not tabling the economic survey, Drabu said the government had decided in December last year that the Budget Session will be held in January and the Economic Survey will be presented in August.
"Due to untimely demise of Mufti (Mohammad Sayeed) saheb, it could not happen," he said.
"The Economic Survey was presented in the House first during 2005-2006 when I was the Economic Advisor and (Muzaffar Hussain) Beg saheb was the Finance Minister. We have nothing to hide as the survey has latest data from 2012-2013 (NC-Congress tenure)," he said.

The Finance Minister urged the Opposition members to engage in meaningful debates which can resolve the problems faced by people of Jammu and Kashmir.
"Budget speech is a tradition, not a requirement. If we collect the budgets of last 60 years, they are nothing more than jugglery of figures. For meaningful debates, you could have gone through the 'Budget at a Glance' which contains economic survey data," he said.
He said provisions have been kept in the Budget to spend more on capital expenditure which will generate employment.
"We have revenue surplus of Rs 6000 crore which we can invest. Revenue deficit is zero. While the previous government used to go with a begging bowl to New Delhi, we have not begged. What is within our rights, we have asked for it, and we have got it," he said.

Drabu said the state has got economic packages from the Centre on only two occasions in the last 60 years.
"On both occasions, Mufti Saheb was the Chief Minister. Our focus on both occasions has been to improve the absorptive capacity. We will make the system accountable for each penny. There is a big difference between taking loan for paying rents and building roads," he said.
"With the Prime Minister's Development Package, the state will usher in a new era of peace and prosperity," he said.
He said there is no shortage of funds with the state government but the different departments must justify their expenditures.

The Finance Minister said the 'Uday Bonds' were issued by
the Centre after he made a proposal for the same during his previous Budget speech to clear liabilities in the power sector.
"Work on many power projects stopped and contractors left midway due to faulty DPRs. With the works that we have undertaken, T&D losses will be down to 20 percent by 2019-20," he said.
"For the first time, we have estimated that there is deficiency of Rs 2000 crores and subsidy of Rs 1000 crore. This subsidy will be given to poor in the form of free power, not to the influential and well-off who benefitted at the cost of ordinary people under your rule," he said, targeting the opposition National Conference.

Drabu said Jammu and Kashmir has been projected to grow at almost 14 percent this fiscal which will be propelled by the GDP rate of 8.9 percent.
Rebutting the charge of ignoring some sectors crucial for the state's economy, he said the opposition members should read the Budget before raising issues in the House.
Giving figures, he said, "In agriculture sector, allocations have been hiked by 87 percent. The allocation for horticulture sector, which was barely recognized by previous governments, has increased by 58 percent... For Irrigation and Flood Control Department, allocation has been hiked by 30 percent.
"For power sector, which will be a driving force of J&K's economy in coming years, there has been 181 percent increase in allocations. No sector has been ignored."

"I am not counting the provisions kept in PM's Development Package. In three years, the landscape of horticulture will be different in Jammu and Kashmir."
Drabu also listed some of the welfare measures and incentives for the weaker sections of the society.
"The famed handicrafts of J&K have been exempted, except walnut furniture. Fair amount of relief has been provided for artisans. Flood relief has been disbursed," he said.
Power waiver has been announced for sick industries along with the waiver of penalty on traders and transporters, he said.