Synopsis
On March 11, Sajad Lone, the President of Jammu and Kashmir People's Conference, publicly criticized the newly presented state Budget, labeling it a politically motivated endeavor lacking in financial soundness. He raised concerns about the economic implications and highlighted inconsistencies in government promises.Key Takeaways
- Sajad Lone critiques J&K Budget as politically motivated.
- Claims it lacks financial viability.
- Questions the economic integrity of the proposals.
- Highlights discrepancies in capital expenditure.
- Emphasizes the burden on ordinary citizens due to tax hikes.
Srinagar, March 11 (NationPress) The President of the Jammu and Kashmir People's Conference (PC) and Handwara MLA, Sajad Lone, has sharply criticized the newly unveiled state Budget, deeming it a “politically driven exercise” that lacks financial viability, according to a statement from the PC on Tuesday.
During his speech in the Assembly, Lone emphasized that the process of Budget formulation is typically a strategic and complex endeavor overseen by seasoned officials, yet this Budget raises serious doubts about its economic integrity.
Reflecting on its political motivations, the J&K People's Conference President remarked, “When I assess this Budget through a political lens, it mirrors the ‘Naya Kashmir’ narrative and rhetoric promoted by Prime Minister Modi and the BJP, which has been forcefully advanced since August 5, 2019.”
He highlighted inconsistencies in the government's stance, pointing out, “These are the same schemes and policies that faced criticism in the past but are now being celebrated as transformative. The very Prime Minister's Development Package (PMDP) that we were condemned for has suddenly gained acclaim. Everything the ruling party previously dismissed is now being praised. Both NC and BJP are vying to applaud Modi Ji, leaving us perplexed about whose endorsement is more fervent.”
To illustrate the failure of past commitments, Lone presented the National Conference's (NC) manifesto in the Assembly, reading its pledges, including 200 free electricity units, job creation, and social welfare benefits, all of which remain unfulfilled.
He stated, “If I were to use this manifesto as evidence, much like in a courtroom, it would clearly show that there is no stipulation regarding free electricity units being limited to Antyodaya Anna Yojana beneficiaries. The promise was supposed to be unconditional.”
Supporting his claims with financial analysis, Lone detailed the immense costs required to meet these promises.
“The ruling party's commitments alone necessitate Rs 3,000 crore for one lakh jobs, Rs 2,200 crore for the regularization of daily wagers, Rs 760 crore for providing 12 gas cylinders per household, and Rs 1,000 crore for implementing the Employment Guarantee Act.”
He added, “These expenses would elevate the total to Rs 12,000 crore annually, amounting to Rs 60,000 crore over the next five years.”
Lone further emphasized, “In addition, the state Budget includes a one-time settlement for electricity bills, interest subvention on farmers’ loans, establishment of preservation parks, cultivation of medicinal trees, and the creation of six ‘dream destinations’. This would push the estimated cost to nearly Rs 65,000 crore over five years. My inquiry is straightforward -- what is the financing strategy? Where will this money originate from? I challenge you to elucidate the economic rationale behind it.”
Lone raised concerns about the state Budget's capital expenditure figures, highlighting inconsistencies.
“For 2025-26, the capital expenditure allocation is Rs 32,000 crore, while for 2024-25, it was Rs 36,000 crore, later revised to Rs 32,000 crore.”
He remarked that these figures indicate stagnation or decline.
“If the revised estimate is lower than the original, it is a rule of thumb that the government lacks the capacity to absorb higher spending. If expenditure is contracting at the macro level, how can it increase at the micro and sectoral levels? The figures simply do not align.”
Turning his attention to revenue generation, Lone raised concerns over the significant rise in asset monetization.
“The Budget indicates asset monetization increasing from one percent in 2024-25 to seven percent now. What assets are being monetized? This Assembly has the right to be informed, as seven percent of the Budget represents a substantial amount.”
He also criticized the one percent tax increase, stating, “This translates to an additional burden of Rs 1,000 crore, which will be taken from the pockets of everyday citizens. The impact will be most severe on the lowest 30 percent of the population.”
