The union government announced allocation of Rs 30,757 crores to the Union Territory (UT) of Jammu and Kashmir in the Budget for the financial year (FY) 2020-21. Rs Rs 5,958 crores were decided to be given for the development of the UT of Ladakh.

Union Finance Minister Nirmala Sitharaman, while presenting the first full-Budget in the parliament on Saturday (1 February), she said the government was fully committed to support the newly formed UTs of J&K and Ladakh.

It must be recalled here that last year on 5 August, the Modi government had read down the Article 370, that provided an autonomous status to the erstwhile state of J&K, and Article 35A of the Indian constitution. The government also bifurcated the former state into two new UTs.

Earlier, during her speech, the FM recited a couplet in Kashmiri which reads as follows:

Hamara Vatan Khilte Hue Shalimar Bagh Jaisa
Hamara Vatan Dal Jheel Me Khilte Hue Kamal Jaisa
Naujawano Ke Khaulte Hue Khoon Jaisa
Mera Vatan Sabse Pyaara Vatan

This resulted in huge cheers from members of the ruling NDA and a smile from Home Minister Amit Shah, while the opposition members were less than amused.

Notably, the Economic survey 2019-20 tabled yesterday, projects the Indian Economy to grow at a rate of 6 to 6.5 per cent in the upcoming Financial Year 2020-21.