Srinagar, Mar 7 (KNS): Jammu and Kashmir Chief Minister Omar Abdullah on Friday presented the first budget in seven years, unveiling an allocation of ?1.12 lakh crore for the 2025-26 financial year. He termed the budget as a roadmap for economic growth and a reflection of the people’s aspirations.
Presenting the budget in the legislative assembly, Abdullah, who also holds the finance portfolio, said Jammu and Kashmir is witnessing a new era of peace and prosperity after over three decades of turmoil. He credited Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Union Finance Minister Nirmala Sitharaman for their support in various sectors.
Abdullah highlighted J&K’s improving economic situation, stating that the region's economy expanded from ?1,64,103 crore in 2019-20 to ?2,45,022 crore in 2023-24. He projected further growth in 2025-26, with the GDP expected to reach ?2,88,422 crore, reflecting a 9.5% increase over the previous year.
The budget estimates revenue receipts at ?97,982 crore and capital receipts at ?14,328 crore. The fiscal deficit for 2025-26 is projected at 3% of J&K’s GDP, significantly lower than the 5.5% recorded in 2024-25. Abdullah also revealed that J&K’s own tax and non-tax revenue is expected to be ?31,905 crore, while the central government will provide ?41,000 crore in assistance.
Addressing the challenges of infrastructure deficits in road connectivity, water supply, sewerage, tourism, and power, Abdullah said the government is working closely with the central government.Click Here To Follow Our WhatsApp ChannelHe announced the formation of an expert committee to resolve fiscal issues and thanked the central government for approving special assistance for J&K.
The budget for J&K Police, which previously accounted for 11% of the total allocation, has now been moved to the Ministry of Home Affairs’ budget. Additionally, J&K will receive an extra ?5,000 crore in grants over the next two years. Abdullah assured that his government is committed to strengthening democracy at the grassroots level by holding elections for Panchayati Raj institutions and urban local bodies.
Describing the budget as a financial statement and a roadmap for a prosperous J&K, Abdullah called for collective efforts beyond political differences to ensure the region's development. He expressed gratitude to the people for their high voter turnout in the recent assembly elections and reaffirmed his commitment to restoring full statehood to J&K.
The budget prioritizes inclusive growth, strategic investments in infrastructure, agriculture, industry, healthcare, education, and digital governance.
Abdullah emphasized the government's focus on bridging regional disparities, empowering youth and women, and fostering a business-friendly environment to attract investment and innovation.
“This budget is a true reflection of the dreams of our people, the needs of our future generations, and the aspirations of every citizen of Jammu and Kashmir,” he said.(KNS)