Presenting the first budget of an elected government in six years in Jammu and Kashmir, Chief Minister Omar Abdullah on Friday described it as a “roadmap of economic growth and a true reflection of people’s aspirations”.
In his maiden budget speech, Omar emphasized J&K’s ongoing journey towards peace, noting that Jammu and Kashmir is now on the path of lasting peace after decades of unrest.
The total net budget estimates for the fiscal 2025-26 are Rs 1,12, 310 crore and the total gross receipts are estimated at Rs 1,40,309.99 crore. The Budget emphasizes inclusive growth, fiscal prudence, and strategic investments in infrastructure, agriculture, industry, healthcare, education, and digital governance.
Omar announced free travel for women in government owned public transport, including e-buses from 1 April.
He announced an allocation of Rs.1388.97crore for the school and higher education sectors in J&K for 2025-26, marking an increase of Rs.242.75 crore over the revised allocation of 2024-25.
In a fervent appeal, Omar emphasized the collective responsibility to confront challenges head-on and work towards sustainable development, economic growth, and social inclusivity.
“As we navigate challenges and embrace new opportunities, I seek the unwavering support and active collaboration of every Member of this august House. Together, transcending political differences, we must unite to fulfil our shared commitment to building a stronger, self-reliant Jammu and Kashmir, working for the greater good of our people”, he said.
The restoration of full statehood is a deeply cherished aspiration of the people of Jammu and Kashmir, and our Government remains resolute in working towards its fulfilment.
Omar, who holds the finance portfolio, praised Prime Minister Narendra Modi, Union Home Minister Amit Shah and Union Finance Minister Nirmala Sitaraman for their support in various sectors.
This is the first budget of the National Conference government after it came to power in October last year, ending seven years of central rule. The last budget session took place in 2018 under the then PDP-BJP government in the erstwhile state of J&K, which was split into two union territories after the abrogation of Article 370 on August 5, 2019.
“The unprecedented voter turnout is a clear testament to their unwavering resolve to move beyond the shadows of past turmoil and actively contribute to the journey of development and progress. By granting us a strong mandate, they have entrusted us with the responsibility to serve them,” Omar said.
“Our challenges are vast and our limitations are many but we must collectively pledge to confront these challenges head on with unwavering resolve. Because of our historical challenges of high committed expenditures and limited revenue streams, Jammu & Kashmir has been facing consistent fiscal stress. Own tax and non-tax revenues cover only 30% of revenue receipts and 25% of budgetary needs.
“An unfavourable geographical location and years of unrest have hindered industrialization, straining resources and deepening constraints. This has been compounded by the fact that circumstances have not allowed us to fully harness the sectors in which we have the potential.
“As a result, J&K remains heavily reliant on central grants and often requires ways and means advances and overdrafts to manage liquidity,” he added.
The CM also announced 200 units of free electricity and 10 kg ration to those belonging to Antoyadaya families in Jammu and Kashmir.
Before presenting the budget, Omar said in a post on X that he could have never imagined that he would be presenting the budget one day. “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 entered Assemblies and Parliament to deliver the budget. Never in a million years did I ever imagine I’d be doing this for real,” he said.
He also shared a picture of himself carrying a briefcase as he walked with the late BJP leader Devender Singh Rana.