MIRPUR: The Azad Jammu & Kashmir (AJK) government has presented its over RS 220 billion budget for the fiscal year 2024-25,
In a session of the AJK Legislative Assembly chaired by Speaker Chaudhary Latif Akbar, Finance Minister Abdul Majid Khan the budget with a development outlay of Rs 44 billion.
Highlighting the key features of the budget, Minister Abdul Majid Khan said that with a total estimated income of Rs 201.17 billion anticipated, the focus was on sustaining development with a substantial allocation of Rs 44 billion earmarked specifically for this purpose.
Minister Abdul Majid Khan highlighted the diverse sources contributing to the budget, including Rs 105 billion expected from the Federal Government under the Federal Variable Grant, Rs 75 billion from inland revenue, Rs 15 billion from electricity, and Rs 0.45 billion from the Forest Department.
Additionally, he emphasized that revenue exceeding Rs 20 billion would be generated from various sectors such as transport, armed services, law and order, education, health, agriculture, and tourism, among others.
The total expenditure projected for the fiscal year amounted to Rs 220.033 billion, underscoring the government’s commitment to bolstering sectors crucial for the region’s development. Sectoral allocations spanned a wide spectrum: from agriculture, education, and health to infrastructure, energy, and tourism. Each allocation aimed to address specific needs and foster growth across various domains.
Minister Khan expressed optimism about the budget’s potential to stimulate economic activity and enhance the quality of life for AJK residents. The assembly session, attended by legislators and officials alike, resonated with discussions on how best to leverage these financial resources for the region’s benefit.
“This comprehensive budget aims to stimulate growth and development across various sectors in AJK for the fiscal year 2024-25,” he added.
