Srinagar, Feb 9, KNT: Peoples Democratic MLA Waheed Para on Monday launched a sharp attack on the government’s Budget during his speech in the Jammu and Kashmir Legislative Assembly, questioning its implementation capacity and strongly opposing the extension of SASCI loans in the Union Territory.
Waheed Para described SASCI as a private market-linked loan mechanism associated with large corporate financing, warning that such borrowings could push Jammu and Kashmir into a long-term debt trap. He said SASCI loans are not sovereign or welfare-oriented borrowings but market-driven private loans, raising serious concerns over repayment liability and financial sustainability.
“SASCI is a private market loan. The most important question is who will repay it. By extending SASCI loans, you are putting Jammu and Kashmir at risk,” he said, cautioning that similar debt-driven models have had severe consequences elsewhere, including Sri Lanka. He said extending such loans amounts to putting Jammu and Kashmir “on sale” and questioned under whose directions the borrowing decision was taken.
Para said the Budget lacked a clear roadmap at a time when the government is facing unprecedented challenges. He said while allocations appear large on paper, actual spending remains alarmingly low. Citing figures, he said last year’s Budget stood at around Rs 1.40 lakh crore, but revenue expenditure till date is about Rs 40,000 crore, while capital expenditure stands at only around Rs 7,600 crore, even as the financial year is nearing its end.
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He questioned how the government plans to utilize the remaining funds within such a short time frame, stating that the administration appears to have money but lacks the capacity to spend it effectively. “There is no meaning in allocations if implementation does not follow,” he said.
Raising concerns over youth, Para, as per the news agency Kashmir News Trust said Jammu and Kashmir is a young region with around 42 percent youth unemployment. He said young people are under immense stress and look to the Assembly for solutions. He alleged that the Budget does not adequately focus on the needs of the majority population and demanded that around Rs 50 crore collected as job application fees from unemployed youth be returned as a relief measure.
He also flagged growing social challenges, claiming that around five lakh youth are affected by drug abuse and four lakh by alcohol addiction, and urged the government to support youth-focused initiatives and NGOs working in this sector.
On health, Para said cancer has emerged as a serious concern and called for establishment of a dedicated cancer hospital in Jammu and Kashmir to prevent financial drain caused by treatment outside the region.
He criticized the education sector’s condition, alleging that several colleges have become defunct under the present government and that over 200 Falah-e-Aam Trust schools have been shut, affecting more than 50,000 students. He also questioned the absence of allocation for a medical university and called for creation of more higher education institutions to reduce student migration.
Referring to free fuel supply issues, Para said announcements regarding gas cylinder will be given to economically weaker section of people will be ineffective without adequate stock, adding that a Bharat Petroleum gas depot proposed at Bijbehara has remained pending for months, while frequent highway closures continue to disrupt supplies.
He said the government must show compassion, reform implementation mechanisms and rethink financial decisions such as SASCI loan extensions, which he said are not in the long-term interest of Jammu and Kashmir. [KNT]
