KV News

J&K govt’s fiscal reforms pave way for enhanced growth, development: Officials

J&K govt’s fiscal reforms pave way for enhanced growth, development: Officials
Decrease Font Size Increase Font Size Text Size Print This Page

'66,000 developmental projects completed in 3 years'

Srinagar: Introduction of a slew of major fiscal reforms by the J&K government has tremendously transformed the financial system in the Union territory paving way for enhanced growth and development in the region.
“On such a reformative measure ‘Budget Estimation and Allocation Monitoring System (BEAMS)’ has empowered the J&K people to oversee works being executed in their areas on a real time basis,” a government spokesman said.
The administration has successfully implemented innovative initiatives in this regard which inter alia included BEAMS, online submission of bills through J&K PaySys, mandatory administrative approvals, technical sanctions and e-tendering, digital payments, GFR, GeM and related measures which have greatly helped the financial systems in J&K to be at par with any other developing financial system in the country.
Publication of pictorial e-compendiums related to projects completed under Back to Village, District Capex, UT Capex and JKIDFC broadly reflects the government’s commitment to engage with the citizens.
During 2020-21, more than 18,000 works were available on the empowerment portal for the first time in J&K for public viewing thus bringing in real grass root empowerment.
Notably, J&K government has completed over 66,000 developmental projects in the last three years.
Lieutenant Governor, Manoj Sinha, said that significant steps are being taken up by the government in the past three years to eliminate impediments and expedite decisions on approvals for timely implementation of projects.
In March this year, J&K Finance department accorded sanction to authorization of 100 percent Revenue and Capex budget out of Revised Estimates (RE) 2021-22 through BEAMS within the appropriation approved by the Parliament for the current financial year.
“Sanction is accorded to authorization of 100 percent Revenue and Capex budget including District Capex out of Revised Estimates 2021-22 through Budget Estimation, Allocation and Monitoring System (BEAMS) within the appropriation approved by the Parliament vide ‘The Jammu & Kashmir Appropriation Act, 2022 No 4 of 2022, dated March 25, 2022 for the current financial year 2021-22,” read an order issued by the Financial Commissioner (Additional Chief Secretary) Finance Department.
The order stipulates the conditions for utilization of Revenue budget which specify that the Controlling Officers will ensure that all budgetary allocations are strictly as per Demand for Grants and funds shall be released through BEAMS. The controlling officers immediately release the funds to the line departments within a period of one week from the date of authorization of funds by the Finance Department.
The BEAMS administrator at the Administrative Department level will report compliance to the Finance Department on a monthly basis and the expenditure will be made strictly in accordance with GFR 2017.
In a bid to bring more transparency and accountability in the governance system, Lieutenant Governor had launched the Photographic Record of On-site Facility (PROOF) application. It helps in uploading geo-tagged photographs while preferring bills in the concerned treasuries against the budget allotted through the BEAMS application.


KV News

Kashmir Vision cover all daily updates for the newspaper

Leave a Reply

Your email address will not be published. Required fields are marked *