March 7 – Jammu and Kashmir Chief Minister Omar Abdullah presented the state budget on Friday, marking a significant milestone as the first budget by an elected government in seven years. He emphasized that Jammu and Kashmir is firmly on the path to lasting peace and economic revival.
Key Budget Highlights:
- Rs 815 crore allocated to agriculture, aiming to create 2.88 lakh jobs.
- Rs 390.20 crore set aside for tourism development, with plans to boost homestays, water sports, and winter sports.
- Focus on youth and women empowerment, regional balance, and restoration of statehood.
- Industry boost: Establishment of 64 new industrial estates and incentives for traders.
- Healthcare transformation: Two new AIIMS, ten nursing colleges, and a Rs 5 lakh health insurance scheme.
- Film and eco-tourism push: A new film policy to position J&K as a prime shooting destination.
Agriculture & Rural Development: A Job-Driven Approach
The budget prioritizes agriculture and horticulture with a Rs 815 crore allocation. The state plans to expand the two-crop pattern, promote wool processing, and develop the leather tanning industry—key moves aimed at strengthening the rural economy. The initiative is expected to generate 2.88 lakh jobs, directly benefiting farmers and local businesses.
Additionally, 500 new Panchayat Ghars will be constructed to enhance rural governance.
Tourism: Targeting 2.36 Crore Visitors in 2024
With a projected 2.36 crore tourists expected in 2024, the government has allocated Rs 390.20 crore to further develop the tourism sector. Notable initiatives include:
- Expanding homestays to accommodate rising demand.
- Boosting water sports and winter tourism in Sonmarg.
- A new water park in Sidhra and adventure tourism projects in Basholi.
- Promoting destinations like Shiv Khori and Dudh Pathri.
- Hosting large-scale events, such as the Kashmir Marathon, which recently attracted 1,800 global participants.
Industry & Economic Growth: Strengthening Local Enterprises
The government plans to establish 64 industrial estates, introduce a new traders’ policy with price preferences, and promote Pashmina and other local handicrafts. Additionally, seven more products will receive Geographical Indication (GI) tagging, ensuring global recognition for J&K’s heritage crafts.
Healthcare Transformation: AIIMS, Insurance & Infrastructure
A major boost has been given to healthcare with provisions for:
- Two new AIIMS institutions and ten fully-equipped nursing colleges.
- Rs 5 lakh universal health insurance coverage for all citizens.
- Expansion of telemedicine services across the state.
- Installation of MRI machines in all government hospitals.
- Establishment of three new Cath Labs and dialysis units in all district hospitals.
Fiscal Management: Tackling Financial Challenges
While 70% of the state’s funds are currently allocated towards salaries, causing a financial strain, the government has ensured that all borrowing remains within the prescribed limits. Additionally, Rs 5,000 crore in grants have been earmarked for regional development, addressing infrastructural gaps and economic disparities.
A Vision for Stability & Progress
Chief Minister Omar Abdullah reaffirmed his commitment to transparency and inclusive development, stating that the budget reflects the aspirations of the people. He expressed gratitude to the Prime Minister, Home Minister, and Finance Minister for their continuous support in J&K’s growth journey.
With a strong focus on economic revival, employment generation, and infrastructural development, the budget lays the foundation for a prosperous and peaceful Jammu and Kashmir.
