Finance Minister Nirmala Sitharaman on Monday proposed an interim Budget of Rs 1.18 lakh crore for fiscal 2024-25 for the Union Territory of Jammu & Kashmir.

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The interim Budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP).

The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, as per the interim Budget tabled by Sitharaman in Parliament.

The revenue receipts for the next fiscal stood at Rs 97,861 crore.

According to Sitharaman, the crucial reforms undertaken in 2019 enabled "path-breaking" measures by the Union Territory Government to decentralise governance structure, promote inclusive development, upscale revenue generation and step up infrastructure development.

"The Government is maintaining law and order to ensure security while simultaneously implementing initiatives for economic and social development. The Government has adopted a policy of zero tolerance against terrorism," Sitharaman said.

Security forces are taking effective and continuous action in countering terrorism.

Due to the effective measures and efforts taken, the security scenario in Jammu and Kashmir has significantly improved, Sitharaman added.