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
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
In a major embarrassment to the railways, the much touted Vande Bharat Express developed a technical snag at Chamraula, 15 kms from Tundla junction. Prime Minister Narendra Modi flagged off the train on Friday from New Delhi station. The train was
Indian Railways entered a new era as prime minister Narendra Modi on Friday flagged off the country’s first semi high-speed train, Vande Bharat Express, from the New Delhi railway station. The new train is also seen as a success story of the NDA government’s ‘Make in India’
Riho Kruuv, Ambassador of the Republic of Estonia talks to Vishwas Dass on key issues like the importance of e-Residency programme of the Government of Estonia and why Estonia is becoming a preferred investment destination for Indian startups and budding entrepreneurs. The Ambassador says Estonia offer
There’s no dearth of self-help books. They come in a multitude of single-topic and hybrid varieties: habit change, management, habit change in management, spirituality, spirituality in management...you get the drift. Happiness at Work: Mindfulness, Analysis, and Well-Being, by R Anand, adds to the li
Those who have gained the most from the latest budget are the ones who are going to have the most crucial impact on the Lok Sabha election results. Who are they? They are hiding in plain sight. They have come to work in metros and cities, probably in recent years. They crowd inter-state bus terminals to ta
For a novice reader, MK Gandhi presents a formidable challenge. The starting point is usually the autobiography, with its well-known anecdotes which most of us