AJK govt unveils FY 2023-24 budget with outlay of over Rs200 billion

AJK govt unveils FY 2023-24 budget with outlay of over Rs200 billion

Muzaffarabad (Web Desk/Agencies): Azad Jammu and Kashmir (AJK) government on Wednesday unveiled its more than Rs232 billion budget with a development outlay of 42 billion and a deficit of the same amount allocated for development expenditures.

Presenting the budgetary proposals in the AJK Legislative Assembly in Muzaffarabad, Senior Minister Waqar Ahmad Noor said this is the big budget in respect of its volume.

He said that the government was committed with the liberation struggle of Indian Illegally Occupied Jammu and Kashmir (IIOJK) besides achieving the development goals and well being of the people of AJK by setting a target to achieve 85% literacy rate in the region during the coming fiscal year which is at present 70 percent.

Noor also announced increase in the salaries of government employees and pensions of retired employees by following the formula of federal government.

The minister said that the social and production sectors had been given priorities in the coming fiscal year budget by an allocation of 14% funds for the production sector compared to 11% of the current fiscal year budget and 31% for social sector compared to 25% of current fiscal year budget.

He said funds for infrastructure development had been reduced to 55% in the coming fiscal year budget instead of 65% of current fiscal year budget allocation as his government believed that real progress was possible through investment on social and production sector.

Noor said that in the proposed development budget for the next fiscal year, 60% funds had been allocated for 361 running development schemes while 40% had been allocated for newer schemes to be initiated during the coming fiscal year.

The minister informed the House that Rs. 14.5 billion had been allocated in the next fiscal year budget for road infrastructure which was 35.8% of the total development budget while 42% was allocated for this purpose in the current fiscal year budget.

The AJK minister also thanked the federal government for approving Rs30 billion for the development projects including Rs2 billion as foreign aid.