Jammu, Feb 5 (PTI) Welcoming the interim budget of Rs 1.18 lakh crore for Jammu and Kashmir, Lt Governor Manoj Sinha on Monday said it highlights the government's commitment towards ensuring rapid economic growth of the Union Territory.

He also said that the budget seeks to strengthen democracy at the grassroots, encourage the start-up ecosystem in Jammu and Kashmir as well as enable an environment for investment to accelerate industrial growth.

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Finance Minister Nirmala Sitharaman has proposed an interim budget of Rs 1.18 lakh crore for the fiscal 2024-25 for the Union Territory.

The interim budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, according to the budget tabled in Parliament on Monday.

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The revenue receipts for the next fiscal stood at Rs 97,861 crore.

"Grateful to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for J&K's interim budget 2024-25, which is dedicated to farmers, women, youth, marginalised sections of society and seeks to strengthen the grassroot democracy in the Union Territory," the Lt Governor said on 'X'.

He said the interim budget highlights the government's commitment of rapid economic growth and it ensures that the growth is socially inclusive and sustainable.

"It focuses on fast expansion of the agricultural economy and addresses the issue of regional imbalances and seeks to bridge rural-urban divides. The budget 2024-25 creates an enabling environment for investment and seeks to accelerate industrial growth," Sinha said.

He said the budget will ensure that industries generate more employment and provide support to thrust areas identified for investment.

"Budget focuses on skill development and employment of 'Nari Shakti' (women empowerment). It seeks to ensure that benefits of rapid economic growth flow equitably to the women in rural and urban areas, SHGs are empowered and women-owned business enterprises are provided access to resources and networks,” he said.

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