Governor N N Vohra met the Union Finance Minister, Arun Jaitley and sought special and additional financial assistance to bail the state government out of the current financial crises.
Vohra said J&K continues to reels under the burden of huge structural negative Balance in Current Revenues (BCR) which has grown over the years.The situation has further aggrevated by floods.
J&K has unfunded gap of over Rs 5000 crores in the overall resources of the state government as a result of which the level of pending liabilities across the treasuries in J&K has crossed over Rs 2000 crore, Vohra informed Jaitely.
The Union Finance Minister assured the Governor that the State Government’s financial difficulties will be immediately looked into by the Union Finance Ministry with all sensitivity and sympathy on an emergent base. It was decided that a team of senior officers from the State Government will meet the Secretary Expenditure in the Union Finance Ministry so that the State Government’s requirements are addressed in a time bound manner.
The Governor also requested for immediate release of the balance amount of around Rs 1160 crore under Special Plan Assistance (SPA) to ensure timely completion of ongoing development projects in the State.