CM presents J&K’s first Budget in 7 years with Rs 1.12 lakh cr outlay
Jammu: Chief Minister Omar Abdullah on Friday presented the first budget of Jammu and Kashmir in seven years and announced an allocation of Rs 1.12 lakh crore for 2025-26, terming it as a roadmap for economic growth and a true reflection of people’s aspirations.
He said J&K is at the threshold of a new era of peace and prosperity, with a semblance of normalcy returning after over three-and-a-half decades of turmoil.
Presenting the budget in the legislative Assembly here, Abdullah, who also holds the finance portfolio, praised Prime Minister Narendra Modi, Union Home Minister Amit Shah and Union Finance Minister Nirmala Sitaraman for their support in various sectors.
Abdullah, dressed in traditional khan suit with a blue blazer and a skull cap, started his over one-and-half-hour speech in English, with the Persian couplet, “Tan Hama Daag Daag Shud – Punmba Kuja Kuja Neham…” (my entire body is covered with bruises where should I apply the balm), amid thumping of benches by his party legislators.
He said the improved environment is contributing to economic progress, with J&K’s economy expanding from Rs 1,64,103 crore in 2019-20 to Rs 2,45,022 crore in 2023-24.
“In 2024-25, the primary, secondary, and tertiary sectors are projected to contribute 20 per cent, 18.30 per cent, and 61.70 per cent to GSVA (Gross State Value Added), respectively. It is a testament to the strong foundations laid by the leadership of J&K that despite its geographical challenges and the multi-decade turmoil, the socio-economic indicators continue to remain robust,” he said.
Abdullah expressed confidence that J&K will emerge as a leading region in development, playing a vital role in the vision of a developed India by 2047.
“Jammu & Kashmir continues to face significant infrastructure deficits in areas like road connectivity, water supply, sewerage, tourism, and power. Addressing these challenges requires substantial financial resources and continued support from the Central government.
“This year, we actively engaged with the Central government, resulting in the formation of an expert committee to resolve fiscal issues. I met with the Prime Minister (Narendra Modi, Home Minister (Amit Shah), and Finance Minister (Nirmala Sitaraman) on multiple occasions. I am pleased to share that our efforts have paid off -- the Central government has approved
special assistance for J&K and will support fiscal reforms to enhance revenue and expenditure management,” Abdullah said.
“The total net budget estimates for fiscal 2025-26 are Rs 1,12,310 crore, excluding provisions for ways and means advances and overdrafts,” Abdullah said.
