Replying to the debate on Budget in the Assembly, he acknowledged that the systems of governance cannot change overnight but said the government is modifying institutional structures to restore efficiency and transparency.
He said proposals made in the Budget for 2016-17 will overhaul the systems of governance and restore accountability of institutions in the state.
The rate of J&K's growth has been projected from nearly 13 percent last fiscal to about 14 percent in the Annual Budget 2016-17, the Finance Minister said.
Citing the example of Jammu Kashmir State Road Transport Corporation, the Finance Minister said the Public Sector Undertaking used to sub-contract the award of distribution of ration to third parties, resulting in delays, revenue loss and corruption.
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"My work will be to build systems. We will restore the institutions of governance. We want J&K to be a state where systems function independently without anyone's personal interests, because none of us have any personal interests," he said.
"For the first time, we have made it mandatory that unless the MLAs sign the proposals of DDB meetings, it will not be cleared. It is not a one-sided affair. The MLAs must realize what they say in this House, they are accountable to people, because what they say can have grave ramifications on the state," he said.
He said the new procurement policy for Roads and Buildings Department and CAPD Department proposed in the Budget will bring transparency in our institutions.
No budget will carry any meaning unless there is transparency and accountability of the systems, he said.