Jammu and Kashmir budget: Omar Abdullah allocates Rs 815 crore for agriculture, Rs 390 crore for tourism

Srinagar:

Srinagar: Jammu and Kashmir Chief Minister Omar Abdullah on Friday presented the state's budget and allocated Rs 815 crore for agriculture and Rs 390 crore for tourism development in the region. During the budget presentation, he stressed that the region is on the path to lasting peace. It is the first budget to be presented by the elected government in the last seven years. He mentioned that the state's GST compliance has increased and expressed commitment to aligning with Sustainable Development Goals (SDG).

Omar Abdullah highlighted that the focus of the budget was on empowering youth and women, addressing regional disparities, and striving for the restoration of statehood.

The budget includes an allocation of Rs 815 crores for agriculture, to generate 2.88 lakh jobs. The state will promote a two-crop pattern and focus on expanding horticulture. The government also plans to boost wool processing and promote the leather tanning industry, which is expected to help the local economy.

Tourism is another major focus, with the government projecting a volume of 2.36 crore tourists in 2024. Events like the Kashmir Marathon, which hosted 1,800 global participants, and the growing popularity of places like Shiv Khori and Dudh Pathri, led to the inflow of tourists in the state.

The budget has provisioned Rs 390.20 crore for tourism development, with plans to increase homestays, promote water sports, and develop Sonmarg as a winter sports destination. Jammu will see a new water park in Sidhra, and Basholi will be developed as an adventure destination.
The JK CM stressed the importance of transparency in welfare measures and stated that the government is focused on empowering sectors like agriculture, tourism, and local industries.

Additionally, the government plans to operationalize a new film policy, aiming to make JK a prime destination for film production and eco-tourism. The state will also focus on constructing 500 new Panchayat Ghars to improve local infrastructure.

The budget reveals that 70 percent of the funds are being allocated towards salaries, which is putting a significant strain on the state's finances. Additionally, there are high ATNC (Administrative, Technical, and Non-Commercial) losses, and the state's debt has increased. However, all borrowing has been kept within the prescribed limits to maintain financial discipline.

The budget also includes provisions for grants worth Rs 5,000 crore, aimed at boosting the region's development.

The budget also focused on industry as it plans to establish 64 industrial estates and address traders' concerns with a new policy offering price preferences. Additionally, there will be a focus on promoting Pashmina and other local products, with seven more products set to receive GI (Geographical Indication) tagging.

(With inputs from ANI)