Dedicated to Shaping J&K into a Thriving Economic Hub, CM Omar Abdullah Unveils Budget
Click to start listening
Synopsis
On March 7, Chief Minister Omar Abdullah presented Jammu and Kashmir's first budget in six years, emphasizing economic growth and reflecting the aspirations of the region's people. The budget outlines significant allocations and reforms aimed at transforming J&K into a prosperous and modern territory.
Key Takeaways
- First budget presentation after six years.
- Proposed allocations for agriculture and tourism.
- Commitment to restoring statehood for J&K.
- Introduction of zero stamp duty for property transfers to relatives.
- Enhanced financial assistance under the Marriage Assistance Scheme.
Jammu, March 7 (NationPress) Chief Minister Omar Abdullah on Friday revealed the inaugural budget for the union territory of Jammu and Kashmir in the Legislative Assembly after a six-year gap, describing the budget as a blueprint for economic advancement and a genuine reflection of the people's aspirations.
Prior to entering the Assembly, Omar Abdullah shared on X, "A little over 7 years ago, humorously, I was mimicking the tradition of Finance Ministers showcasing their briefcases as they enter Assemblies & Parliament to present the budget. Never did I imagine I would be doing this for real."
Along with his post, CM Omar Abdullah included an old photo of himself with the late BJP leader Devender Rana, both carrying briefcases.
The CM, who also oversees the finance portfolio, expressed gratitude towards Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman for their ongoing support across various sectors. "I extend my heartfelt thanks to the Hon’ble Prime Minister, Union Home Minister, and Union Finance Minister for their steadfast backing in enhancing J&K’s fiscal health and achieving our vision for growth and prosperity," he stated.
He commenced his budget speech with a Persian couplet, “Tan Hama daag daag shud/ punmba kuja kuja neham (My body is torn with wounds/The solutions to my problems are distant and difficult)."
“While I am honored, I am acutely aware of the significant responsibility that comes with being the custodian of Jammu and Kashmir’s finances at this pivotal moment. This Budget transcends a mere financial document- it represents a roadmap for a new and prosperous Jammu and Kashmir, embodying the hopes of our citizens and establishing a solid base for economic development, social advancement, and sustainable progress," stated the CM.
"The journey of Jammu and Kashmir has been one of tenacity and resolve. Our administration is dedicated to transforming J&K into a contemporary, forward-thinking, and economically dynamic region. We are committed to devising a roadmap to reclaim the prudence, wisdom, and self-assurance that have defined our identity for generations," he proclaimed in the Assembly.
“Our challenges are extensive, and our limitations are numerous. Yet, we must collectively promise to face these challenges directly, with steadfast determination. I have endeavored to craft this inaugural Budget as a true representation of our people’s dreams, the necessities of future generations, and the aspirations of every resident of Jammu and Kashmir,” he added.
This marks the first budget from the National Conference (NC) government since taking office in October of the previous year.
The last budget session was held in 2018 under the PDP-BJP government in the former state of Jammu and Kashmir.
The CM emphasized, “The restoration of statehood to J&K is a deeply valued aspiration of the populace, and our government remains steadfast in pursuing its realization.”
He proposed allocating Rs 815 crore for agriculture and Rs 390 crore for tourism development. Additionally, he suggested providing 200 units of free electricity to all AAY families in the union territory and a 10 Kg free ration to such families starting April 1, 2025.
CM Omar Abdullah also proposed zero stamp duty on property transfers to blood relatives.
“Own tax and non-tax revenues cover only 30 percent of revenue receipts and 25 percent of budgetary requirements,” he informed the House.
He stated the government would take decisive actions to revive and support press clubs in Jammu and Srinagar.
Under the Marriage Assistance Scheme, the proposed aid of Rs 50,000 is set to increase to Rs 75,000 in the budget proposals.
The Chief Minister proposed the establishment of 98 water testing labs in the union territory this year.
During his budget address, he remarked, “We are reforming metering, billing, and collection to enhance the power sector. Under-recovery has decreased from Rs 6,552 crore in 2022-23 to Rs 5,244 crore in 2023-24, targeting Rs 4,200 crore in 2024-25. Expanding the consumer base, smart meters, online billing, and aerial bunched cables are propelling this turnaround.
“High AT&C losses have resulted in substantial outstanding liabilities for power purchases, for which Rs 28,000 crore were borrowed in recent years, increasing public debt from 48 percent of GSDP in FY 2015-16 to 52 percent in 2023-24.
“To address this, we are reducing high-cost debt, optimizing liabilities, and adjusting repayment schedules for long-term fiscal stability.
“To tackle fiscal challenges, we are limiting non-priority spending and implementing austerity measures. Aadhaar seeding and biometric verification are streamlining welfare databases in food supply and social security sectors,” he concluded.
