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NN VohraJammu and Kashmir government’s top priority in the next two years is to ensure speedy implementation of Prime Minister’s Rs 80,000 crore development plan which will enable the state to not only respond to any arising natural calamity but also catalyse all-round economic growth, Governor N N Vohra said on Wednesday.

“This fully funded Plan of Rs 80,000 crore, an aggregate of sectoral initiatives, is to be executed over the next five years. The annual phasing of the Plan will be based on the absorptive capability and the spending capacity of the Government and its implementing agencies,” Vohra said in his joint address to the legislators which marked the beginning of five-week budget session here.

Vohra said that Jammu and Kashmir Government’s top priority in the next two years is to ensure speedy implementation of Prime Minister’s Rs 80,000 crore development plan.

He said a large part of the relief component has already been distributed to those whose houses had been partially or fully damaged in the floods.

“To accelerate trade and business activity in the state, the government will soon provide interest subvention, which will generate substantial liquidity support for revival of the business and trade. The government has already received the resources for implementing this important initiative,” he said.

The Governor said the government is keen to diversify the sources for financing economic development.

Apart from the assistance received from the Centre in the form of the Prime Minister’s development plan, the government is working to mobilise private investment to supplement public expenditure by seeking assistance from multilateral agencies like the World Bank, Asian Development Bank and Japan International Cooperation Agency.