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 Rs 815 crore for agriculture and Rs 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 Rs 50,000 has been proposed to be enhanced to Rs 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 Rs 6,552 crore in 2022-23 to Rs 5,244 crore in 2023-24, with a target of Rs 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 Rs 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.
(IANS)
