Source : WION
In sharp contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir. The proposed Interim Budget for Jammu and Kashmir, amounting to Rs 1.18 lakh crore, which is approximately $14.16 billion, significantly surpasses the financial assistance provided to Pakistan by the IMF.
India’s budget proposal, unveiled on a day marked by Pakistan’s so-called “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of Jammu and Kashmir. The budget, which amounts to approximately $14.16 billion, dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times, underlining India’s financial dedication to the region’s growth and stability.
This significant budget demonstrates India’s intention to address both short-term fiscal needs and long-term development goals in Jammu and Kashmir. India’s budget for union territory emphasises on key sectors such as agriculture, rural development, tourism, healthcare, education, and cultural preservation, with substantial investments aimed at fostering sustainable growth and development.
India’s Union Finance Minister Nirmala Sitharaman while proposing the budget said, “The Union Territory (UT) of Jammu and Kashmir is marching rapidly ahead on the path of socio-economic development since the transformative reforms of August 2019. The Union Territory Government is committed to pursue the path of accelerated and inclusive growth which enables its citizens to shape their destiny and discover new aspirations.”
The emphasis on tourism development in Jammu and Kashmir has been directed towards enhancing infrastructure and essential facilities in 20 lesser-known tourist spots, evenly distributed with 10 locations each in the Jammu and Kashmir divisions. Additionally, plans include the transformation of Keran into a thriving border tourist village and the establishment of Duggar Dani in Samba, designed as a traditional mock village setup.
In contrast, Pakistan’s $3 billion bailout from the IMF reflects the country’s ongoing economic challenges and dependence on external financial support. The bailout aims to alleviate Pakistan’s cash-strapped economy, providing much-needed liquidity and support for its fiscal reforms.
