SRINAGAR: The Jammu and Kashmir economy is projected to grow at 7.06 percent and the nominal Gross State Domestic Product (GSDP) may increase by 11.19 percent in 2024-25, according to the Economic Survey Report (ESR) 2024-2025.
As per the survey, which was tabled by Chief Minister Omar Abdullah in Assembly on Thursday, the size of the economy is estimated to be approximately Rs 2.65 lakh crores.
“J&K UT is estimated to achieve a compound annual growth rate of 4.89 percent in its real GSDP from 2019-20 to 2024-25 in comparison to 4.81 percent from 2011-12 to 2019-20,” the report stated.
The per capita income (per capita NSDP) at current prices is estimated to attain a level of Rs 1, 54,703 in 2024-25 (advance estimates) as compared to the national level per capita income of Rs 2, 00,162 in 2024-25.
“The comparative analysis with Northern states from 2019-20 to 2023-24 indicates that J&K’s per capita income grew at a compound annual growth rate of 8.3 percent,” stated the report.
As per report, revenue of Rs 15,737.80 crore has been generated in nine months of FY 2024-25, which is 77% of revenue generated in FY 2023-24. “Contribution of non-tax revenue to total revenue has increased from 29% (FY22) to 32% (FY25). Power tariff’s share in non-tax revenue grew from 56% to 67% since FY22”.
Among the major revenue contributors, the highest increase of 96% in revenue realization has been witnessed in taxes on vehicles, 67% increase in power followed by 36% in GST, 33% in water user charges, 14% in excise collection, among others.
J&K has shown significant progress with the unemployment rate declining to 6.1% in 2023-24 from 6.7% in 2019-20.
“This improvement is also reflected in the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), which have risen to 64.3% and 60.4% respectively in 2023-24, showcasing enhanced employment opportunities and economic activities in J&K,” it stated.
The report disclosed that 40,778 units have been established under various Self-Employment Schemes (SESs), employing about 1.16 lakh people.
J&K has witnessed a boom in tourism with a record 2.36 crore tourists, including 65,000 foreigners, visiting the region in 2024. As per the report, the agricultural sector is undergoing a transformation with a shift toward high-value crops and organic farming.