Omar Abdullah Presents ₹1.12 Lakh Crore Zero-Deficit Budget for J&K
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%.
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.
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.
