Srinagar, March 8 – Jammu and Kashmir Chief Minister Omar Abdullah presented the state’s first elected government budget in seven years on Friday, emphasizing economic growth, regional development, and the path to lasting peace.
The budget, which aligns with the Sustainable Development Goals (SDGs), prioritizes youth and women empowerment, regional equity, and the restoration of statehood. Abdullah highlighted an increase in the state’s GST compliance and reiterated the government’s commitment to financial discipline despite mounting debt and high administrative expenses.
With an allocation of Rs 815 crore for agriculture, the government aims to generate 2.88 lakh jobs by promoting a two-crop pattern and expanding horticulture. Investments will also be made in wool processing and leather tanning to support the local economy.
The budget includes provisions for 64 industrial estates, with incentives for traders and a new policy offering price preferences. Additionally, seven more local products will receive Geographical Indication (GI) tagging, including Pashmina.
Tourism remains a key focus, with a projected 2.36 crore visitors expected in 2024. The government has earmarked Rs 390.20 crore for tourism development, with initiatives to increase homestays, promote water sports, and establish Sonmarg as a winter sports destination.
Jammu will witness the construction of a new water park in Sidhra, while Basholi will be developed as an adventure tourism hub. Events like the Kashmir Marathon, which attracted 1,800 global participants, and the rising popularity of sites such as Shiv Khori and Dudh Pathri have further boosted tourism.
To support local governance, the administration plans to construct 500 new Panchayat Ghars across the state.
In a significant healthcare push, the budget provides for two new AIIMS institutions and ten fully-equipped nursing colleges. The government will offer Rs 5 lakh health insurance coverage for all citizens and expand telemedicine services.
Infrastructure improvements include the establishment of three new Cath Labs, MRI installations in all government hospitals, and dialysis services at every district hospital.
Abdullah acknowledged fiscal constraints, with 70% of the state’s budget allocated to salaries. While debt levels have risen, the government has kept borrowing within prescribed limits.
Despite financial pressures, the budget includes Rs 5,000 crore in grants aimed at driving development across sectors.
The Chief Minister reiterated Jammu and Kashmir’s progress toward peace after decades of unrest and emphasized transparency in governance. He expressed gratitude to the Prime Minister, Home Minister, and Finance Minister for their support in the state’s development.
With a focus on agriculture, tourism, local industries, and healthcare, the budget outlines a roadmap for economic stability and social progress in Jammu and Kashmir.
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