Mushahid Hussain 

Srinagar, Feb 11(KNS)In the past four to five years, Jammu and Kashmir has witnessed a significant boost in its GDP, soaring from Rs 1.6 lakh crore in 2018-19 to Rs 2.64 lakh crore in 2021-22, Lieutenant Governor Manoj Sinha on Sunday said.

LG Sinha attributed this growth to the reforms implemented during this period, emphasizing their role in fostering efficient governance, development, and peace in the region.

Speaking on the transformation of J&K Bank, which had previously incurred losses amounting to Rs 1200 crore, Sinha highlighted its turnaround into a profitable institution, now projecting a profit of Rs 1800 crore for the current fiscal year. Additionally, the administration has tackled significant challenges, such as repaying power debts totaling Rs 28,000 crore.

Regarding budgetary matters, Sinha noted a shift towards increased capital expenditure and reduced revenue expenditure, with capital expenditure witnessing a substantial rise to Rs 38,000 crore from Rs 11,000 crore. Despite challenges, including a revenue expenditure of Rs 80,000 crore primarily attributed to employee salaries, the economic outlook for J&K appears promising.

Addressing concerns over the presence of the United Nations Military Observers Group in Srinagar, Sinha assured that the matter would be reviewed, considering J&K's integration into the Indian Union and the government's firm stance against terrorism.(KNS).