Jammu, Feb 6 (NationPress) The Chief Minister of Jammu and Kashmir, Omar Abdullah, introduced a budget of Rs 1,13,767 crore for the fiscal year 2026-27 during the Legislative Assembly session on Friday. This financial framework is designed to establish a robust foundation for sustainable growth, social harmony, and economic prosperity in the union territory.

He emphasized that his administration is dedicated to evolving the UT into a modern, progressive, and economically dynamic region by fostering investment, innovation, and inclusive governance.

“With profound humility and steadfast determination, I stand before you to unveil my second Budget as Finance Minister. It is a true honor to be entrusted with the duty of shaping our region's financial future,” CM Abdullah stated as he presented the Budget.

He characterized the Budget as a strategic blueprint for development, asserting, “This document is not simply a collection of numbers; it serves as a fiscal compass guiding us toward a brighter future. It lays down the essential groundwork for lasting economic growth, social unity, and sustainable success.”

The Chief Minister called upon the assembly members to unite for the advancement of the region.

“As we embark on this collective journey, I extend an invitation to every esteemed member of this House to collaborate in building a resilient and thriving Jammu and Kashmir,” he remarked.

Highlighting the strength of the populace, CM Abdullah, who also manages the finance portfolio for the UT, reiterated his government’s commitment to transforming Jammu and Kashmir into a vibrant and economically progressive area.

“Together, we will convert challenges into opportunities and dreams into reality,” he added. The Chief Minister noted that the government is concentrated on establishing a business-friendly environment to draw in investment and foster innovation.

He explained that the Budget was crafted after extensive consultations with elected officials, industry leaders, and stakeholders to ensure it remains focused on the people’s needs.

Addressing the difficulties encountered over the past year, the CM mentioned that geopolitical tensions, the Pahalgam terror attack, and severe flooding in parts of Jammu adversely impacted economic activities.

“All sectors, including tourism, handicrafts, horticulture, and agriculture, faced significant setbacks, resulting in job losses and financial hardships for families,” he stated.

Omar Abdullah indicated that the Budget prioritizes inclusive and sustainable growth through targeted investments in infrastructure, public services, and governance.

He also expressed the government’s intention to create opportunities for both youth and women. Noting fiscal limitations, he mentioned that tax and non-tax revenues cover only about 25 percent of the UT’s financial needs.

The CM reported that revenue collections reached Rs 10,265 crore from taxes and Rs 4,964 crore from non-tax sources by December 31, 2025. He emphasized that nearly 60 percent of total expenditures are allocated to salaries, pensions, and debt servicing, highlighting that the government is making efforts to manage debt and minimize unnecessary expenses.

“We are enhancing debt sustainability by adhering to approved borrowing limits and improving liquidity management. For the third consecutive year, we have implemented austerity measures,” he remarked.

The CM also mentioned reforms in the power sector, which include expanding the consumer base and implementing loss reduction initiatives to alleviate financial strain.

Additionally, he expressed gratitude for the Centre’s support in addressing fiscal challenges.

“The Central government has been aware of our struggles and has consistently assisted us through special aid,” he noted, adding that Jammu and Kashmir has been included in the Special Assistance to States for Capital Investment scheme.

The Chief Minister stated that funds from this scheme will be utilized for infrastructure enhancement, hydroelectric projects, and disaster mitigation efforts, especially in flood-affected regions.

Lastly, he mentioned that a roadmap will be revealed in the coming months regarding the regularization of daily wage workers, praising their contributions and services to Jammu and Kashmir.

Highlights of the Budget:

• Over 3.21 lakh houses completed under PMAY, with 14,000 more underway
• International film festival planned for 2026
• 2,963 women recognized as ‘Lakhpati Didis’
• Establishment of new cultural centers across Jammu and Kashmir
• Implementation of a new framework for MSMEs
• Two Ayush hospitals set for the next financial year
• AIIMS Kashmir expected to open in 2026
• Announcement of 200 new e-buses
• Expansion of PET scan and mobile medical units
• Introduction of vocational education in 554 schools