Omar meets Union finance minister amid deepening fiscal crisis in J-K

Jammu and Kashmir Chief Minister Omar Abdullah on Thursday called on Union Finance Minister Nirmala Sitharaman here, a meeting held against the backdrop of the Union Territory's depleting finances.

There was no official word about the subjects discussed during the meeting, but sources said that the primary focus was on securing central assistance to address the severe fiscal challenges facing the UT.

According to the officials, the finances of the UT have been severely impacted by various factors which included a substantial decline in its share of Goods and Services Tax (GST) revenue.

The other factors were substantial reduction in the number of tourists following the Pahalgam terror attack that significantly hit a key revenue stream, and extensive damage caused by recent floods in both the Kashmir Valley and the Jammu region, necessitating expenditure on relief and reconstruction efforts.

The officials said that the UT administration is actively seeking urgent central assistance to bridge the revenue deficit and overcome the difficulties created by these economic and natural setbacks.

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