Kashmir budget on March 5

Jammu, Jan 18 (IANS) Jammu and Kashmir’s budget for fiscal 2012-13 will be presented March 5, while the legislature’s budget session, lasting 26 days, will begin Feb 23, the assembly secretariat announced Wednesday.

Reeling under huge debt, with almost Rs. 2,000 crore only on account of purchase of power, the state has not generated much of revenue as there are huge tax arrears and much of the wage bill, which runs close to Rs.4,000 crore, is funded by plan money.

However, in the past three years, the tax revenue has been increased from Rs.2,600 crore to Rs. 5,000 crore.