The first economic survey tabled after a gap of seven years in the Assembly on Thursday by Chief Minister Omar Abdullah said Jammu and Kashmir has shown significant progress in the employment sector, with the unemployment rate declining to 6.1 per cent in 2023-24 from 6.7 per cent in 2019-20.

The unemployment rate has recorded a dip of 0.6 percentage points to 6.1 per cent in 2023-24 from 6.7 per cent in 2019-20, reflecting enhanced employment opportunities and economic dynamism, the report says.

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The economy of Jammu and Kashmir is projected to grow at 7.06 per cent in real terms, while the nominal Gross State Domestic Product (GSDP) is expected to rise by 11.19 per cent in 2024-25, according to the Economic Survey Report (ESR) for 2025.

Export performance reflects resilience, with handicraft exports rebounding post-COVID-19.

In 2023-24, exports included Carpets (Rs 317.33 crore), Woollen shawls (Rs 477.24 crore), Paper-Mache (Rs 38.44 crore), and other items (Rs 329.28 crore), totalling Rs 1,162.29 crore, which has doubled from Rs. 563 Cr in 2021-22. The UT improved its ranking from 35 in 2020 to 17 in the Export Production Index (EPI) – 2022 ranking.

The report says that in 2024, tourist visits in J&K reached a record 2.36 crore, including 0.65 lakh foreign tourists, 5.12 lakh Amarnath pilgrims, and 94.56 lakh Vaishno Devi pilgrims. The 3rd G20 Tourism Working Group meeting in Srinagar in May 2023 sparked the revival of Kashmir’s tourism.

The start-up ecosystem in Jammu and Kashmir has truly come of age, witnessing a remarkable 287 per cent increase in (Department for Promotion of Industry and Internal Trade) DPIIT-registered start-ups, growing from 237 in 2020 to 917 in 2024, including 333 women-led start-ups.

Referring to the post-Article 370 abrogation status, the report says that Jammu & Kashmir State was reorganised on 31 October 2019, after which all the Central laws have been applied to J&K. As many as 890 Central Laws applied, 205 State laws were repealed, and 130 State laws were modified.

Following major Constitutional changes on August 5, 2019, the legal architecture and systems prevailing in the rest of the country were made applicable to Jammu and Kashmir. A number of people friendly and progressive laws such as Right to Education, Maintenance & Welfare of Parents & Senior Citizens Act-2001, National Commission for Minority Act and Acts for benefit of Women, Children, Disabled, Right to fair compensation for land acquired besides the 73rd and 74th amendments have now become fully applicable to J&K.

The rights of women marrying outside J&K now stand fully protected, and gender discrimination has ended.

The per capita income is expected to reach Rs. 1,54,703 in 2024-25, showing a robust increase of 10.6 per cent, indicating improved economic well-being for the residents of J&K.

The estimated hydropower potential of J&K is 18,000 MW, of which about 14,867 MW has been identified. This comprises 11,283 MW in Chenab basin, 3,084 MW in Jhelum basin and 500 MW in Ravi basin. Out of the identified potential, only 3,540.15 MW, i.e. 23.81 cent (of identified potential) has been harnessed so far, which consists of 1,197.4 MW in the State Sector, 2250 MW in the Central Sector and 92.75 MW in IPP mode (Independent Power Producers).

Referring to the forest cover in this mountainous UT, the Economic Survey points out that the forests, which cover 20,194 square kilometres or 48 per cent of J&K’s geographical area, are essential to the regional economy, supporting tourism, recreation, source of timber, firewood, minor forest products, and grazing lands for migrating cattle. They also provide a reliable water supply.

J&K has notified 4861.28 sq km as Protected Area Network, comprising four National Parks, 14 Wildlife Sanctuaries and 30 Conservation Reserves (including 14 wetlands) for conservation of wildlife.