Jammu & Kashmir Budget: A Blueprint for Economic Growth and Fiscal Stability

Jammu and Kashmir Chief Minister Omar Abdullah announced comprehensive economic and tax reforms to boost revenue and infrastructure development. The budget emphasizes reducing the fiscal deficit through prudent management, enhanced tax compliance, and central financial assistance while addressing infrastructure and environmental goals for sustained regional growth.

Jammu and Kashmir Chief Minister Omar Abdullah unveiled a suite of economic and tax reforms to enhance revenue and infrastructure while maintaining fiscal prudence. Presenting the Budget in the Assembly, Abdullah highlighted strategic policy measures to reduce the fiscal deficit with central assistance, projecting a 7.5% economic growth for 2024-25.

Significant measures include new levies on non-transport vehicles registered within J-K and revised fuel taxes to promote cleaner energy adoption. Despite fiscal challenges from high expenditures and limited revenue, intensified efforts in tax compliance and digital reforms have improved collections, reducing power billing under-recovery from Rs 6,552 crore to Rs 5,244 crore.

The chief minister emphasized J-K's continued need for central support to meet infrastructure demands in road connectivity, water supply, and tourism. Special financial assistance and budgetary revisions aim to fortify fiscal health, steering the region toward sustained economic growth and self-reliance.

(With inputs from agencies.)