The state of Jammu and Kashmir rarely makes news for its economy. And yet, asIndiaSpend’s Dhritiman Gupta finds out in a snapshot study of the state’s Budget for 2012, not only have tax revenues been begun zooming but the State is also budgeting aggressively ahead. The numbers are obviously lower (Table 2)than most states but J&K could well beat all states to post the fastest tax-revenue growth in coming years. Needless to add, the growth also comes on a low base. Incidentally, State Finance Minister Abdul Rahim Rather did point out his state’s achievement to media persons in March 2012 after he presented the Budget. A key takeaway – particularly if you did not know – is that almost three-quarters or 74% of the state’s revenue comes from the Central Government. At least that was the case in 2011-12. By way o...
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