'Committed to transforming J&K into economically vibrant reg
'Committed to transforming J&K into economically vibrant region', CM Omar Abdullah presents budget
Omar Abdullah on Friday presented the first budget of the union territory of Jammu and Kashmir in the Legislative Assembly after six years, calling the budget a roadmap for economic growth and true reflection of people’s aspirations.
JAMMU — Chief
Minister Omar Abdullah on Friday presented the first budget of the union
territory of Jammu and Kashmir in the Legislative Assembly after six years,
calling the budget a roadmap for economic growth and true reflection of people’s
aspirations.
Before entering the Assembly, Omar Abdullah posted on X,
"A little more than 7 years ago, tongue firmly in cheek, I was imitating
the ritual of Finance Ministers holding up their briefcases as they enter
Assemblies & Parliament to deliver the budget. Never in a million years
did I ever imagine I'd be doing this for real”.
With his post, CM Omar Abdullah shared an old picture of
himself carrying a briefcase as he walked with the late BJP leader Devender
Rana.
The CM also holds the finance portfolio. He praised Prime
Minister Narendra Modi, Home Minister Amit Shah and Finance Minister Nirmala
Sitharaman for their support in various sectors. "I sincerely thank the
Hon’ble Prime Minister, Union Home Minister, and Union Finance Minister for
their unwavering support in strengthening J&K’s fiscal health and
realizing its vision for growth and prosperity," said the CM..
He started 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 it is an honour, I am acutely aware of the weight of
responsibility that comes with being the custodian of Jammu and Kashmir’s
finances at this crucial juncture. This Budget is more than just a financial
statement- it is a roadmap for a new and prosperous Jammu and Kashmir,
reflecting the aspirations of our people and laying a strong foundation for
economic growth, social progress, and sustainable development," said the
OM.
"The journey of Jammu and Kashmir has been one of
resilience and determination. Our government is committed to transforming
J&K into a modern, progressive, and economically vibrant region. Our
government endeavors to frame a roadmap to reclaim the prudence, sagacity and
self-confidence which have been the cornerstones of our identity for
generations," he said in the Assembly.
“Our challenges are vast, and our limitations are many. But
we must collectively pledge to confront those challenges head-on, with unwavering
resolve. I have endeavoured to prepare this maiden Budget as a true reflection
of the dreams of our people, the needs of our future generations, and the
aspirations of every citizen of Jammu and Kashmir,” he added.
This is the first budget of the National Conference (NC)
government after it came to power in October last year.
The last budget session took place in 2018 under the then
PDP-BJP government in the erstwhile state of Jammu and Kashmir.
The CM said, “The restoration of statehood to J&K is
a deeply cherished aspiration of the people, and our government remains
resolute in working towards its fulfilment.”
He proposed the allocation of INR 815 crore for agriculture
and INR 390 crore for tourism development. He also proposed to provide 200 units
of free electricity to all AAY families in the union territory and a 10 Kg free
ration to such families from April 1, 2025.
CM Omar Abdullah proposed zero stamp duty on property
transfers to blood relatives.
“Own tax and non-tax revenues cover only 30 per cent of
revenue receipts and 25 per cent of budgetary needs,” he told the House.
He said the government would take concrete steps to revive
and support press clubs in Jammu and Srinagar.
Under the Marriage Assistance Scheme, assistance of INR
50,000 has been proposed to be enhanced to INR 75,000 in the budget proposals.
The Chief Minister proposed setting up 98 water testing labs
in the union territory this year.
He said during his budget speech, “We are reforming
metering, billing, and collection to strengthen the power sector.
Under-recovery has dropped from INR 6,552 crore in 2022-23 to INR 5,244 crore
in 2023-24, with a target of INR 4,200 crore in 2024-25. Expanding the consumer
base, smart meters, online billing, and aerial bunched cables are driving this
turnaround.
“High AT&C losses resulted in huge outstanding
liabilities for power purchase, for which INR 28,000 crore were borrowed in the
last few years, raising public debt from 48 per cent of GSDP in FY 2015-16 to
52 per cent in 2023-24.
“To mitigate this, we are reducing high-cost debt,
optimizing liabilities, and calibrating the repayment schedules for long-term
fiscal stability.
“To tackle fiscal challenges, we are curbing non-priority
spending, saving through the austerity measures in place. Aadhaar seeding and
biometric verification are streamlining welfare databases in the food supply
and social security sectors,” he said.
