India, April 5 -- Painting a dismal picture of finances in the Union Territory of Jammu and Kashmir, a latest report of the Comptroller and Auditor General of India for the year 2023-24 has brought to light the complete failure to utilise funds meant for developmental activities and asset creation.

On the other hand, highlighting serious procedural lapses, the CAG report pointed out that an amount of Rs 5,214.45 crore was incurred under 35 schemes and sub-heads in nine grants without budgetary provisions during 2023-24.

According to the CAG report, "The entire budget provision of Rs 10,597.90 crore under 31 Grants involving 160 schemes remained unutilised during the year," resulting in the denial of benefits to the public.

The audit al...