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J&K to earn revenue from tangible, intangible assets

Jammu: After Prime Minister Narendra Modi and Union Minister Nirmala Sithraman bats for the assets monetization, the Jammu and Kashmir government also initiated process in this regard.                   

 “The government’s asset monetisation programme aims get the returns it invested in these public assets, and create hitherto unexplored sources of income,” as per the sources.    

Sources added that nodal agency for the implementation of programme Finance Department will have Financial Commissioner as nodal officer.                                         

They added that the asset monetisation is the process of creating new sources of revenue for the government by unlocking the economic value of unutilised or underutilised public assets. “A public asset is any property owned by a public body, tangible or intangible. these include roads, railways, stations, pipelines, mobile towers etc. or financial assets like shares in Central Public Sector Enterprises (CPSEs), securities and dividends,” they informed. 

“The asset monetization is an effective way to generate revenue for the government which is still hugely untapped,” they said.

It is pertinent to mention here that the in the month of February, Union Finance Nirmala Sitharaman had announced the asset monetization drive under which functional assets, such as airports, toll roads, gas pipelines, railway infrastructure and warehouses of central government-run companies, would be monetized to finance infrastructure building.

In the month of March at a meeting organized by federal policy think tank NITI Aayog, Union finance minister Nirmala Sitharaman  urged central and state agencies to collaborate actively for the government’s asset monetization drive for FY22 which will help mobilize funds for building infrastructure.

She also called for “a proactive and collaborative approach” by central and state agencies for achieving the goals of the national asset monetization pipeline.

Prime Minister Narendra Modi had last month urged chief ministers of all states to sync their budget priorities with that of the Centre for faster development and emphasized on the need for synergy to deliver a big push to infrastructure building and self-reliance.

 

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