Budget aimed at setting J&K’s sluggish economy on revival path: Drabu


JAMMU, Finance Minister Haseeb Drabu today said the wide-ranging fiscal and welfare measures announced in the state budget are aimed at setting J&K’s sluggish economy on the path of revival and recovery.
“It took this Government three years to restore the rotten fiscal system, put in place a sustainable Public Expenditure Policy and set the State’s economy on the path of steady recovery and revival,” Drabu said while winding up the discussion of the Budget proposals in the Legislative Council today.The finance minister said that J&K has landed up in a serious fiscal crisis because of various long and short term reasons including protracted political turmoil, 2014 floods, 2016 disturbances, demonetization and GST.
“When I talk of fiscal crisis, let me make it clear, I am not talking about the government finances, but the entire economic system involving every section of the society,” he said and added that the only way to set the state’s economy on the recovery and revival path is to enhance autonomous public expenditure, which is the basic theme of this budget.
He said the fundamental intent of making it a “stakeholders’ budget” is to generate income across various levels of people, pump public money into the system and push economic revival through a sustained effort. “That is why we have announced various measures in this budget so that money keeps continuously flowing and circulating in the system to keep the economy enduring,” Drabu said and added that these measures would facilitate greater flow of cash in the system which would go a long way in reviving the sluggish economy.