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

Mumbai think tank calls for climate action

Raising concerns over rising seawater levels and climate change, Mumbai First, a 25-year-old public-private partnership policy think tank, has written letters to Maharashtra chief minister Uddhav Thackeray, minister for environment and climate change, tourism and protocol, Aditya Thackeray and Mumbai munic

Creation of ‘good bank’ as important as ‘bad bank’ for NPA management

After the recent announcement of the government guarantee for Security Receipts (SRs) to be issued by a public sector-owned National Asset Reconstruction Company Ltd (NARCL), there is a surge of interest around this desi version of a super bad bank. The entity will acquire around ₹2 trillion bad debts fr

V shape recovery an exaggeration: Gurcharan Das

The notion of a V-shape economic recovery is an exaggeration, and the informal economy and the poor have been terribly hurt during the Covid-19 period, says Gurcharan Das, author, commentator and public intellectual. “A V-shape recovery is an exaggeration. The informal economy and the

Covid-19 antibodies found in 86.64% Mumbai citizens

As many as 86.64% citizens of the city of Greater Mumbai have antibodies, according to the fifth sero-prevalence survey. Among the people who are fully or partially vaccinated, the antibodies were found in 90.26%, while among the unvaccinated citizens, 79.86% had antibodies. The Municipal C

`Bad Bank`: All you wanted to know about NARCL

The cabinet has cleared the formation of ‘National Asset Reconstruction Company Limited’ (NARCL) which will acquire “stressed assets” of about Rs. 2 Lakh crore in phases within RBI regulations in order to address the problem of humongous amounts of bad loans in public sector banks.

Citizens Charter: How this less-known law empowers us

When consumer rights and RTI activist Mohammad Afzal was shifting to a new residence in a different area, he required changes in various documents. He decided to take the help of the Citizens Charter along with other friends who also required similar work with authorities. The Citizens Chart

Visionary Talk: Gurcharan Das, Author, Commentator & Public Intellectual on key governance issues


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter