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Held Kashmir

budget presented

in Lok Sabha

ISLAMABAD: The 1996-97 budget for the Indian administered state of Jammu and Kashmir was presented for consideration and approval in the Indian parliament, Lok Sabha, which does not have any elected member from the strife torn state for the last six years.

Presenting the budget, Minister of state for Finance, Mr M.V. Chandrashekar Murthy announced that the budget estimates for Jammu and Kashmir for the year 1996-97 place revenue receipts at Rs 3053.85 crore while the state's share of central taxes, duties etc from the central government is estimated at Rs 2566.83.

The non-plan and and plan expenditure against the receipts is estimated at Rs 6521.49 crores, which will create a net deficit of 900.81 crores.

The Minister, however, did not elaborate on how the government planned to meet this huge deficit, which analysts believe will actually be much more because the estimated revenue receipts from within the state are not likely to materialize due to a near anarchy situation prevailing there.

The Indian occupied state of Jammu and Kashmir has already piled up sales tax arrears of Rupees 150 crores during the past seven years of mismanagement, and the recovery has been almost nil, reports Indian news agency UNI. The people of the valley are groaning under miserable economic situation and all the tall claims of ushering in an era of economic prosperity there have only proved as political gimmick of the Indian leadership.-APP