SRINAGAR: Jammu and Kashmir Chief Minister Omar Abdullah, who is also the finance minister of the UT, presented his first budget in the Assembly today and said the central government has approved special assistance for the UT. It is the first budget to be presented by an elected government in J&K since 2018.
“J&K continues to face significant infrastructure deficits in areas like road connectivity, water supply, sewerage, tourism and power,” Omar said in his budget speech in the Assembly in Jammu.
He said addressing these challenges requires substantial financial resources and continued support from the central government.
“This year, we actively engaged with the centre, resulting in the formation of an expert committee to resolve the financial issues. I met with the honourable Prime Minister, Home Minister and Finance Minister on multiple occasions, and I am pleased to share that our efforts have paid off,” he said.
The central government, he said, has approved special assistance for J&K and will support physical reforms to enhance revenue and expenditure management.
Omar said the Budget for J&K police, which was about 11% of our allocation, has been migrated to the MHA budget from 2024-25 onwards.
“In addition, J&K will receive extra Rs 5000 crores in grants from 2024-25 and 2025-26. I sincerely thank honourable Prime Minister, Home Minister and Finance Minister for their unwavering support in strengthening J&K’s fiscal health and realizing its vision for growth and prosperity.”
“Due to our physical reforms and central assistance, the physical deficit will be reduced, bringing us closer to our FRBM target,” he said.
The CM said J&K’s economy is projected to grow at 7.5% in 2024-25 with an estimated GSDP growth of 9 and a half percent in 2025-26.
“This momentum will be driven by strategic policy measures, infrastructure development and business friendly initiatives,” he added.