Rs 815 Crore Allocated for Agriculture to Generate 2.88 Lakh Jobs
Tourism Sector Gets Rs 390.20 Crore; Sonmarg to Become a Winter Sports Hub
New Film Policy to Make J&K a Prime Shooting Destination
Srinagar, Mar 7 (KNS): Jammu and Kashmir Chief Minister Omar Abdullah presented the UT budget on Friday, marking the first budget by an elected government in the last seven years.
He emphasized that the region is on the path to lasting peace and highlighted efforts to boost economic development while ensuring GST compliance and alignment with Sustainable Development Goals (SDGs). The budget focuses on youth and women empowerment, addressing regional disparities, and the eventual restoration of statehood.
An allocation of Rs 815 crore has been made for agriculture, expected to generate 2.88 lakh jobs. The government will promote a two-crop pattern, expand horticulture, and boost industries like wool processing and leather tanning to strengthen the local economy. Tourism is another major focus, with a projection of 2.36 crore tourists in 2024. The budget earmarks Rs 390.20 crore for tourism, aiming to expand homestay facilities, promote water sports, develop Sonmarg as a winter sports hub, establish a water park in Sidhra (Jammu), and transform Basholi into an adventure tourism destination. Events like the Kashmir Marathon, which saw participation from 1,800 global athletes, have contributed to the region’s tourism boom.Click Here To Follow Our WhatsApp ChannelThe government also plans to implement a new film policy to establish J&K as a prime film production and eco-tourism destination.
To boost the economy, the state will set up 64 industrial estates and introduce a policy offering price preferences for traders. Additionally, seven more local products, including Pashmina, will receive Geographical Indication (GI) tagging to enhance their market value. The healthcare sector will see significant improvements, with two new AIIMS institutions, ten fully-equipped nursing colleges, and Rs 5 lakh health insurance coverage for all citizens. The government will also expand telemedicine services, establish three new Cath Labs, install MRI machines in all government hospitals, and introduce dialysis services in all district hospitals.
Infrastructure development will be strengthened with the construction of 500 new Panchayat Ghars to enhance local governance. Financially, the budget highlights challenges, as 70% of funds are allocated to salaries, creating fiscal strain. High ATNC (Administrative, Technical, and Non-Commercial) losses and rising state debt add further pressure, though borrowing has been kept within prescribed limits. Rs 5,000 crore in grants have been allocated for development initiatives.
Omar Abdullah assured that public feedback was incorporated into the budget to address regional disparities and improve economic health. He also expressed gratitude to the Prime Minister, Home Minister, and Finance Minister for their support in J&K’s progress. (KNS)