Srinagar, Apr 03 (KNO): In a bid to expedite infrastructure development, the government is all set to rationalise and streamline the payment procedures for infrastructure projects in FY 2024-25.
A circular issued by the Finance Department regarding the rationalisation and streamlining of the payment procedures which would also help in improving the financial management and eradicating the huge outstanding liabilities of the last fiscal.
The decision is in line with the government's commitment to improve the capital expenditure so that funds be spent under the centrally sponsored schemes may be improved which will ensure efficient utilisation of all the resources.
There was a massive increase in the capital expenditure in key sectors like Road Connectivity, Power Development, Tourism, Industry, Education, Health, Water Supply etc, during the last fiscal ending March 31, 2024, to ensure rapid infrastructure upgradation of the UT.
The Government has been also able to control the non-priority revenue expenditure with significant jump in the tax revenue and improvement in the central support.
According to the provisional data, the capital expenditure has increased from Rs. 14,666 crore in the financial year 2022-23 to Rs. 22,400 crore in the financial year 2023-24. The fiscal projection estimates a Rs. 15,000 installation for the year 2023-24, suggesting an almost 50 percent rise in infrastructure investment.
Meanwhile, the government has been able to generate more than Rs 10,300 crore from the schemes, implying a fiscal receipt for the year 2023-24.
The administration has admitted the requirement of keeping in place structured expenditure norms to avoid any unjustified rush and for the purpose of managing the public fund judiciously.
Meanwhile, to remove the bureaucratic bottleneck in settlement of outstanding liabilities of the last fiscal year related with infrastructure development works, the guidelines have been issued by the UT to process mobile and other prior pending claims quickly—(KNO)