Srinagar, Mar 7, KNT: Chief Minister Omar Abdullah on Friday presented a ₹1.12 lakh crore zero-deficit budget for Jammu and Kashmir in the Legislative Assembly, outlining a vision for economic growth, social welfare, and infrastructural development.
Delivering his maiden budget as Finance Minister in the National Conference-led government, Abdullah described it as a roadmap for a “new and prosperous J&K.” He emphasized inclusive growth, fiscal discipline, and strategic investments in key sectors such as agriculture, industry, healthcare, education, and digital governance.
The budget estimates ₹97,982 crore in revenue receipts and ₹14,328 crore in capital receipts, with projected revenue expenditure at ₹79,703 crore and capital expenditure at ₹32,607 crore. J&K’s own revenue, including taxes and non-tax sources, is expected to reach ₹31,905 crore, while central assistance and scheme-based funding will contribute ₹54,522 crore. The fiscal deficit is pegged at 3% of the UT’s GDP, significantly lower than the previous year’s 5.5%.
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Abdullah highlighted J&K’s economic progress, noting that the UT’s economy has grown from ₹1.64 lakh crore in 2019-20 to ₹2.45 lakh crore in 2023-24, with a projected GDP of ₹2.88 lakh crore for 2025-26, reflecting a 9.5% growth. He attributed this to improved stability, increased investment, and government initiatives fostering entrepreneurship and employment.
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The Chief Minister stressed that the budget was shaped through extensive consultations with stakeholders, ensuring it reflects public aspirations. He expressed confidence that J&K is on the path to becoming a key contributor to India’s economic vision for 2047, with sustained peace and prosperity driving its progress.
