Jammu and Kashmir Government Enforces Strict Austerity Measures for Financial Stability

The Jammu and Kashmir government has introduced stringent austerity measures to curb financial expenditure for the 2024-25 fiscal year. These include a ban on meetings at private hotels, restrictions on travel expenditure, and a 10% budget cut across various activities to maintain financial discipline.

The Jammu and Kashmir government has announced a raft of austerity measures for the fiscal year 2024-25 aimed at slashing expenditure and promoting financial prudence. Key directives include a complete ban on meetings in private hotels and a restriction on exhibitions outside the Union Territory. The steps are designed to ensure fiscal responsibility while reducing unnecessary spending.

According to a three-page order released by Principal Secretary (Finance Department) Santosh D Vaidya, departments are allowed limited revenue expenditure in the final quarter and month of the fiscal year. This curtailment is part of a broader strategy to prevent a surge in spending and ensure procedural compliance. An economy cut of 10% has been applied to activities including travel, hospitality, and official functions.

Additionally, the creation of new posts has been banned, with vacant posts for over two years to be surrendered. Travel within India is restricted to economy class, and international travel needs explicit finance department approval. These policies extend to all local funds across departments, universities, and agencies as part of the government's commitment to maintaining budgetary discipline.

(With inputs from agencies.)