Unemployment in J&K much higher than national average -Governance Now

Unemployment in J&K much higher than national average

Among persons who are 15 to 17 years of age in the state who are seeking employment, the unemployment rate is a staggering 57.7%

GN Bureau | January 18, 2017

#Jammu and Kashmir #Unemployment #PRS Legislative Research

The unemployment rate for persons between 18-29 years of age in the state is 24.6%, which is higher than the national unemployment rate of 13.2% in the same age group, showed an analysis of the Jammu and Kashmir budget 2017-18.

Among persons who are 15 to 17 years of age in the state who are seeking employment, the unemployment rate is 57.7%. The corresponding unemployment for the country is 19.8%, said the analysis carried out by PRS legislative research.

On January 11, J&K finance minister Haseeb A. Drabu presented the budget for Jammu and Kashmir for financial year 2017-18.

On budgetary reforms, an Online computerized system known as Budget Estimation, Allocation and Monitoring System, will be used to distribute the budget and authorize expenditure. The existing treasury system to disburse expenditure will be replaced by a departmentally aligned Pay and Accounts Office (PAO) System.

An insurance scheme for nine crops including paddy, wheat, maize, apple, mango, saffron, pulses, and oil seeds will be launched against damages from natural disasters including floods, drought etc.

Jammu and Kashmir State Power Development Corporation is proposed to become a debt - free company with an equity base of Rs 3,000 crore.

The token tax and passenger tax is being waived for six months from July, 2016 to December, 2016. An amnesty for waiving off interest and penalty on arrears of passenger tax up to the year 2015-16 is being proposed.

Also, incandescent bulbs are proposed to be kept under 40% rate tax category. In addition to the above, manufacturing of incandescent bulbs shall be kept in the negative list of industries.

The Gross State Domestic Product of Jammu and Kashmir for 2017-18 at constant prices is estimated to be Rs 1,06,530 crore. This is 7.8% higher than the estimate for 2016-17.

The total expenditure for 2017-18 is estimated to be Rs 79,472 crore, a 29.3% increase over the revised estimate of 2016-17. In 2016-17, there was a decrease of Rs 3,189 crore (4.9%) of expenditure in the revised estimate over the budget estimate.

The total receipts (excluding borrowings) for 2017-18 are estimated to be Rs 65,798 crore, an increase of 26.8% over the revised estimates of 2016-17. In 2016-17, total receipts fell short of the budgeted target by Rs 1,300 crore.

The revenue surplus for the next financial year is targeted at Rs 9,349 crore, or 6.2% of the state Gross Domestic Product (GDP). Fiscal deficit is targeted at Rs 9,354 crore (6.2% of state GDP).

Read: PRS legislative research - Jammu and Kashmir Budget Analysis 2017-18

Comments

Other News

A walk down the rich history of Ayurveda

The Indic Quotient: Reclaiming Heritage through Cultural Enterprise By Kaninika Mishra Bloomsbury India, 230 pages, Rs. 499 Over the past decade, India has seen a significant rise in passion for enterprise as well as pride in her

Is China gearing up for prolonged conflict with India?

International observers will keenly watch the Chinese Communist Party Central Committee meeting next month. The central committee is the highest organ of the CCP with a mandate to execute the decision of the National Congress which is convened once every five years. Besides economy, r

TRP-driven model bred irresponsibility: Sudhir Chaudhary

News profession is organic in nature, requires responsibility and discipline, and there is no room for mistake. To maintain high standards of accuracy you need discipline and hygiene in the newsroom. Sudhir Chaudhary, editor in chief of Zee News, Zee Business and Wion, has said that a TRP-driven business m

This Mumbai NGO empowers children with skills

When Dharmendra Pandey, a fruit-seller had to leave Mumbai after the imposition of the lockdown during the Covid-19 pandemic, and return to his village in Uttar Pradesh, he was staring at economic uncertainties ahead. Little did he know that his 16-year-old son, Mahavir, had acquired skills that would come

Masks: Awareness: near-total, compliance: half-way

Wearing a face mask is the first line of defence against the novel coronavirus, along with maintaining social distance and frequently washing hands with soap. More than six months after the outbreak of Covid-19, nearly 90 percent of people in India have become aware of the necessity of wearing a face mask,

Covid-19: Daily recoveries cross 1 lakh mark, new cases far fewer

Is India finally gaining an upper hand over the Covid-19 pandemic? After weeks of new cases hitting 90,000-plus every day, the tide seems to be turning, as the number came down to 75,083 on Tuesday, and the recoveries were not only higher than that but crossed the 1 lakh mark too. The countr