J&K’s budget for 2025-26 to be presented in Assembly after 6 yrs

5 consecutive budgets tabled in Parl, Preparations to begin soon after FM’s appointment

Jammu : After presentation of five budgets in the Parliament, Jammu and Kashmir’s budget for next financial year of 2025-26 will be tabled in the Legislative Assembly by the new Finance Minister whenever the budget session is called by Omar Abdullah-headed Government.

Though five Ministers have taken oath along with Chief Minister Omar Abdullah, the portfolios are yet to be distributed and whosoever gets the Finance will have the distinction of presenting first budget of the Jammu and Kashmir Union Territory.

Dr Haseeb Drabu had presented last budget of Jammu and Kashmir State in the Legislative Assembly on January 11, 2018 for the financial year of 2018-19 worth Rs 80,313 crore. However, in June 2018, Mehbooba Mufti-led PDP-BJP coalition Government collapsed following withdrawal of support to the Government. In November, 2018, the Assembly was dissolved.

The budget for 2019-2020 was adopted by the then State Administrative Council (SAC) headed by then Governor Satya Pal Malik here on December 15, 2018 to the tune of Rs 88,911 crore.

Subsequent budgets of the Union Territory including 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 were presented and passed by the Parliament in the absence of Legislative Assembly in Jammu and Kashmir.

Ongoing financial year 2024-25 budget was presented in the Parliament by Finance Minister Nirmala Sitharaman on July 23, 2024 worth Rs 1,18,728 crore. However, an interim budget of the UT (Vote-on-Account) was taken on February 5, 2024 in the Parliament in view of Lok Sabha elections.

Budget for 2023-24 of Jammu and Kashmir was also to the tune of Rs 1,18,500 crore.

The budget for 2025-26 will be presented in the Legislative Assembly whenever the budget session is called by the Government. Previously, the budget session of the Legislature used to be held in January-February in Jammu.

Preparations for the budget will start immediately after appointment of the new Finance Minister as the Department-wise assessments have to be taken by the Ministry before finalization of the budgetary documents, the officials said.

From the ongoing financial year, budget of Jammu and Kashmir Police has been included in the grants of the Union Home Ministry.

Own financial resources of Jammu and Kashmir will also be a concern for the new Government, the experts said, adding since there are high expectations from the new Government and ruling National Conference has also promised certain freebies, it will be a tough task for the new Finance Minister.

“Jammu and Kashmir has generally been dependent on the Central grants,” the experts said.

In PDP-Congress coalition Government from 2002-2008 headed initially by late Mufti Mohammad Sayeed and then Ghulam Nabi Azad; then senior PDP leaders Muzaffar Ahmed Baig and Tariq Hamid Karra (now PCC-I chief) were the Finance Ministers while in 2008-2014 NC-Congress coalition Government, National Conference veteran Abdul Rahim Rather was assigned the charge of prestigious Finance Ministry.

Rather has been re-elected in the present Assembly but was not among the Ministers inducted today in the Council of Ministry.

In 2015-2018 PDP-BJP coalition Government, Dr Haseeb Drabu of the PDP served as the Finance Minister.