Jammu and Kashmir Lieutenant Governor Manoj Sinha revealed on Sunday that significant reforms implemented in the past four to five years have led to substantial growth in the region’s Gross Domestic Product (GDP). The GDP, which stood at Rs 1.6 lakh crore in the fiscal year 2018-19, has surged to Rs 2.64 lakh crore in 2021-22.
Addressing a press conference at the Raj Bhawan in Jammu, the LG outlined that the projections for the GDP in 2024-25 are set at Rs 2,63,399 crore, as presented in the Interim Budget in Parliament. The immediate focus, he emphasized, is to accelerate economic development in the Union Territory (UT) of Jammu and Kashmir and make it multi-dimensional.
Describing the Budget for 2024-25 as “growth-oriented,” the LG highlighted that it aligns with the UT government’s aspirations to double its economy in the coming years. The budget size for 2024-25 stands at Rs 1,18,728 crore, compared to Rs 1,18,500 crore in the previous fiscal year. Revenue receipt estimates for 2024-25 are Rs 97,861 crore, while capital receipt estimates are Rs 20,867 crore.
Sinha expressed optimism about J&K Bank, stating that after being a Rs 1,200-crore loss institution, it is now flourishing with a profit of Rs 1,300 crore. He anticipated the bank’s profit to reach Rs 1,800 crore in the current fiscal year.
Acknowledging the challenges, the LG mentioned that the administration inherited significant power debts amounting to Rs 28,000 crore. While the revenue expenditure of J&K is Rs 80,000 crore, a substantial portion is dedicated to employee salaries. However, the capital expenditure has seen a significant increase, reaching Rs 38,000 crore from Rs 11,000 crore.
Sinha also revealed that 1,500 flats were provided as transit accommodation to Kashmiri Pandits for the fiscal year 2024-25.
