New Delhi, January 30, (Scoop News)-The Governor N. N. Vohra Friday met the Union Finance Minister, Arun Jaitley here to seek special and additional financial assistance to bail the state government out of the current financial crises.
The Governor apprised the Union Finance Minister that the State Government continues to reels under the burden of huge structural negative Balance in Current Revenues (BCR) which has grown over the years.
The situation has further been aggravated by the unprecedented floods that struck the state in September 2014 resulting in colossal losses to life, private property and public infrastructure. The damages have adversely impacted the pace of economic activity in the state also leading to erosion of state government revenues, Vohra told Jaitley.
The Governor further observed that there is an unfunded gap of over Rs 5000 crores in the overall resources of the state government as a result of which the level of pending liabilities across the treasuries in J&K has crossed over Rs 2000 crore.
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