SRINAGAR: Jammu and Kashmir (J&K) Chief Minister Omar Abdullah, who also serves as the Union Territory’s finance minister, presented his first budget in the Assembly today, stating that the economy grew from ₹1.64 lakh crore in 2019-20 to ₹2.45 lakh crore in 2023-24.
This is the first budget to be presented by an elected government in the erstwhile state since 2018.
J&K's economy is projected to grow at 7.5 percent in 2024-25, he said.
Omar began his maiden Budget speech with a quote, “My entire body is covered with bruises and where should I apply the balm.”
“The budget is a roadmap for a new and prosperous J&K, reflecting the aspirations of our people and laying a strong foundation for economic growth, social progress and sustainable development,” the CM said.
“He said Jammu and Kashmir’s journey has been one of resilience and determination. I express my gratitude to the people of J&K for enthusiastic and confident participation in Assembly polls.
"The unprecedented voter turnout is clear testament to their unwavering resolve to move beyond the past turmoil and actively contribute to the journey of development and progress. By granting us a strong mandate, they have entrusted us the responsibility to serve them,” he said.
Omar said on Friday that people look to the government for renewed hope and expectations for an environment that fosters political empowerment, meaningful employment, sustainable development, social inclusivity and robust economic growth.
“I assure them that we will serve them with sincerity and fulfil their aspirations for a prosperous and thriving J&K,” he said.
The CM said restoration of full statehood is a deeply cherished aspiration of people of Jammu and Kashmir and “our government remains resolute in working towards it fulfilment.”
Referring to panchayat and Urban Local Bodies, Omar said, “My government is committed to strengthen grass root democracy by empowering Panchayati Raj institutions and local bodies, which play a crucial role in local governance and development."
He added, "Our government is committed to holding elections to these bodies reinforcing our commitment to accountable, inclusive and decentralising governance for holistic development of J&K.”
Omar said J&K is at a threshold of a new era of peace and prosperity with a semblance of normalcy returning after over three and a half decades of turmoil.
“This improved environment is contributing to economic progress with J&K’s economy expanding from 1.64 lakh crores in 2019-20 to 2.45 lakh crores in 2023-24,” he said.
