Srinagar: Jammu and Kashmir’s economy has expanded, growing from Rs 1,64,103 crore in 2019-20 to Rs 2,45,022 crore in 2023-24, Chief Minister Omar Abdullah announced while presenting the UT’s budget. This marks an increase in economic activity and revenue generation over the past few years.
Despite this growth, challenges remain, particularly in terms of fiscal sustainability. The UT still depends heavily on central grants, with own revenues covering only 30% of receipts. The government aims to boost economic independence through increased revenue generation and financial reforms.
The budget included allocations such as Rs 86 crore for a maternity hospital, Rs 10 crore for helipads, and Rs 110 crore for CT scans in district hospitals. It also addressed the rising public debt, which has reached 52% of GSDP due to power sector liabilities.
