MIRPUR (AJK)-The AJK government on Friday presented Rs73.50 billion budget for the new fiscal year 2016-17 with total revenue deficit of Rs9 billion.
The budget contains Rs12 billion for development expenditures in whole volume of the budget, Finance Minister Latif Akber said while presenting the budget in the AJK Legislative Assembly, the lower house of the AJK Parliament, which met in the AJK capital with Speaker Sardar Ghulam Sadiq in the chair.
“The new fiscal year budget carries increase in the development funds of Rs500 million as compared to the last year fiscal year budget of 2015-16,” the minister underlined. The AJK finance minister said that it was the last annual budget presented by the incumbent PPP-led government which was going to finish its five year constitutional term next month. He claimed the new fiscal year budget was people-friendly since the welfare of the poor and down trodden has been focused in it.
Elaborating the salient features of the budget, Akber said that it contained the estimate of the expenditures of Rs61.50 billion besides the estimate of the income of Rs43.70 billion.
The estimated income resources included Rs18.85 billion from the resources of Azad Jammu & Kashmir and Rs24.85 billion from the taxes and other due resources of Azad Jammu & Kashmir Council, due share in Federal taxes, including funds grant and water-use charges.
The minister stated that Rs12 billion has been estimated to be spent in development sector for coming fiscal year. It includes Rs357.00 million for agriculture & livestock, Rs50.0 million for civil defense, Rs650.0 million for development authorities, Rs 1270.00 million for education, Rs 50.00 million for environment, Rs 470.00 million for foreign aided projects, Rs 425.0 million for forest, fisheries & wild life, Rs 410.00 million for health, Rs 249.00 million for industries and minerals, Rs 20.00 million for transport, Rs 15.00 million for information & media development, Rs 125.0 million for information technology, Rs 650.00 for local government, Rs 1240.0 for power, Rs 930.0 million for physical planning and housing, Rs 60.00 for rehabilitation and resettlement, Rs 150.0 million for research & development, Rs 80.00 million for social welfare, Rs 140.00 million for sports, Rs 4,499.00 million for communication & works and for tourism Rs 160.00 million for the fiscal year 2016-17.
“An amount of 12 billion rupee has been allocated for development sector with Rs61500.00 million recurrent budget for the coming fiscal year,” he clued-up the House. The AJ&K lawmakers were informed that the government has geared up the budget within available resources. He revealed that health and education were the major sectors which have been focused in the budget for the coming year.
Stating the significant features of the budget 2016-17, the finance minister affirmed that from total revenue collection, an amount of 18850.00 million rupee will be generated from state resources whereas Rs1200 million as water uses charges of Mangla, Rs13,000.0 million as income tax from AJ&K Council and a share of Rs20,500.0 million will be collected from federal tax share.
He disclosed to the house that recurring budget for the fiscal year 2016-17 has been estimated as Rs. 61,500.0 million and the sectors from which government is likely to generate income is estimated are as follows; Rs5,750.0 million from provincial excise, Rs92.00 million from land record and settlement, Rs160.00 million from stamps, forest, Rs336.00 million, jails Rs0.300 million, administration of justice Rs80.00 million, home department Rs45.00 million, education Rs142 million, health Rs80.00 million, agriculture Rs4.00 million, animal husbandry Rs35.00 million, industries, labor & minerals Rs45.00 million, sericulture Rs3.000 million, miscellaneous Rs570.700 million, communication and works Rs200.00 million, electricity Rs10500.0 million, printing press Rs25.00 million, armed services board Rs20.000 million, religious affairs Rs40.00 million, food Rs640.00 million, tourism, wild life & fisheries are estimated to contribute Rs57.00 million.
The Minister for Finance told the House that total revenue generation has been estimated as 61,500.0 million with Rs. 9,000 million deficits which will be met by the federal government.
Iftar dinner: Dr Habibur Rehman, vice chancellor of Mirpur University of Science & Technology, hosted a grand Iftar Dinner in honour of the faculty members of the varsity besides the officials of Mirpur divisional and district administration. The vice chancellor and his aides warmly received the guests at ceremony.