Fiscal deficit jumps 77.29% to ₹8,608.08 crore in Jammu and Kashmir

This audit examines the finances, budgetary management, and quality of accounts of the Government of the Union Territory of Jammu and Kashmir for the financial year 2023-24.

Government of Union Territory of Jammu and Kashmir

• Fiscal deficit increased by 77.29 per cent to ₹8,608.08 crore in 2023-24, up from ₹4,855.37 crore in 2022-23.
• Revenue surplus decreased from ₹5,976.61 crore in 2022-23 to ₹3,486.22 crore in 2023-24.
• 86.37 per cent of current borrowings were utilized for the repayment of principal borrowings rather than for capital creation or development activities.
• Capital expenditure accounted for only 15.36 per cent of total expenditure (₹12,088.85 crore).
• CAG noted a continuous mismatch between receipts and expenditure, indicating rising fiscal stress.
• Expenditure was incurred without the authority of law in certain instances.
• There were cases of unnecessary or insufficient Supplementary Grants and substantial savings/surrenders in various grants.
• CAG identified issues with the quality of accounts, including non-discharge of liability for interest on deposits and delays in submitting Utilisation Certificates.

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