J&K investment projects to be fast-tracked, says Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said the unemployment rate has come down in Jammu and Kashmir and asserted that this country could not have two symbols, two Prime Ministers and two Constitutions, when there is a Constitution "which all respect". 

New Delhi: The Government of Jammu and Kashmir will strive hard to double the farmer's income. The investment proposals under the new industrial policy shall be cleared on a fast track basis, the Finance Minister said while piloting the Budget for the union territory. This Budget is an inclusive one, added the finance minister. 

The FM said the power generation capacity is being doubled in the next three years and crucially that 75 offbeat tourism destinations have been identified across Jammu and Kashmir to tap the true potentials. 

The Lok Sabha on Monday was adjourned for the day after passing the Jammu-Kashmir Appropriation Bill 2022 during the ongoing budget session of the parliament.

Finance Minister Sitharaman presented a Rs 1.42 lakh crore budget for the union territory of Jammu and Kashmir for the year 2022-23 in the Lok Sabha. The Minister also presented the supplementary demands for the year 2021-22, totalling Rs 18,860.32 crore for the Union Territory.

The centre on Monday also sought approval from Parliament to spend an extra Rs 1.07 lakh crore in the current fiscal. As per the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore. Of this, proposals involving net cash outgo aggregate to over Rs 1.07 lakh crore and gross additional expenditure.

Sitharaman said the unemployment rate has come down in Jammu and Kashmir. Quoting the Centre for Monitoring Indian Economy (CMIE), she said that in 2016 it was 20 per cent and by late February this year, unemployment rates have dropped to 13.2 per cent. 

Speaking in the Lok Sabha, the minister asserted that this country could not have two symbols, two Prime Ministers and two Constitutions, when there is a Constitution "which all respect". 

She asserted that, with the removal of Article 370, discriminatory laws were removed from the erstwhile state of Jammu and Kashmir. 

"After removal of Art 370 in J&K, 890 Central laws have become applicable there. What was denied to people of Jammu and Kashmir over 70 years will be given to them. It has enabled that which Dr Ambedkar gave for the rest of the country for SC/ST is now available for people of J&K," he said.