J&K has initiated measures to strengthen economy: Fin Minister

Jammu and Kashmir government today said it has initiated some pioneering fiscal management measures to strengthen and streamline the economic and social infrastructure and Rs 31000 crore will be spend on development initiatives during 2017-18.
Minister for Finance, Labour and Employment & Culture Haseeb Drabu said as a part of the government's initiative to increase developmental spending, the highest ever allocation of Rs 31000 crore (39 percent) is expected to be spent on developmental activities out of the total expenditure of Rs 79472 crore for the fiscal 2017-18.
"What we need is peace, stability and a working environment to facilitate fruitful spending of this huge allocation and creation of tangible assets on the ground," he said replying to a debate in the Assembly on Demand for Grants for departments under his charge.

He added that the reformative measures announced in the Budget 2017-18 will go a long way in building a stable and progressive socio-economic framework in the state.
The government is working on to introduce a system which can showcase tangible development on the ground, he said.
He said an effort has been made in the Budget to improve the public expenditure and to speed up the economic growth.

In 2011-12, the rate of investment on development front was 6.80 percent of the State Domestic Product (SDP) which has reached 10.02 percent in 2016-17, the highest ever, he said.
"Presently, the government is providing 40 percent share of our revenue in expenditure which is highest in the country and this expenditure is giving fillip to the economic growth," Drabu said.

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The J&K Finance Minister said the incidental impact of the gradual change-making is that net spent on implementing development is getting cheaper.
In 2014-15, J&K was spending Rs 5.62 for every one rupee it invested in developmental activities and in the revised estimates for 2016-17, this ratio had reached Rs 2.25.
Drabu expressed the hope of taking it further down to Rs 1.59, which will be the lowest ever - historic in a way.
The main focus in 2017-18 will be timely rollout of projects under Rs 80,000 crore Prime Minister's Development Package(PMDP) for development and reconstruction of physical andeconomic infrastructure in the State.

The Finance Minister while speaking on the issue of unemployment said that government is focusing on skill development to address the challenge.
Skills required in present job markets are missing and changing the skill profile of our youth will surely result in reducing the unemployment and specialized skills are being provided to the youth to become self reliant, he added.
He said for the first time, the government has decided to provide social security network to the construction workers and concept of universal basic income for all has been introduced to cover below poverty line people. Speaking on the issue of government's stand on implementation of GST in the State, the Finance Minister said that clarity has not been made so far and the modalities are being worked out in the GST council meetings. "Once the clarity has been made on various components of GST, the government will discuss it in the house to get the guidance and sense of the house, he said adding that GST system is beneficial for consumption states like J&K. Drabu said the government has also taken a bold decision of clearing all past liabilities so that it can move ahead with the status of clean state.

The Finance Minister assured the house about sincere efforts in starting the process of regularization of the estimated 61,000 casual and other workers of various categories subject to a set of guidelines and objective criteria.
He said the Labour department is reviewing the issue of implementation of minimum wages act.
Drabu said that basic banking facilities are being provided to the people at Panchayat levels and awareness about moving towards digital banking has also been initiated at every level.