Diplomat Correspondent
Jammu, (DD): Jammu and Kashmir’s economy is set to grow at a real GDP growth rate of 7.06% in the financial year 2024-25, with the nominal Gross State Domestic Product (GSDP) expected to rise by 11.19%, according to the latest Economic Survey Report (ESR) tabled in the Assembly.
The report, presented by Chief Minister Omar Abdullah, who also holds the finance portfolio, highlights strong economic performance, revenue growth, and a decline in unemployment, signaling a positive trajectory for the region’s economy.
Key Economic Indicators:
J&K’s Nominal GSDP is estimated at ₹2.65 lakh crore, while Real GSDP stands at ₹1.45 lakh crore.
Per capita income is projected at ₹1,54,703, registering a 10.6% growth annually.
Unemployment rate has dropped to 6.1% in 2023-24, compared to 6.7% in 2019-20.
Inflation remains under control, standing at 4.5%, below the national average of 5%.
Revenue collection sees a substantial rise, reflecting improved tax compliance and economic activity.
Government’s Focus on Economic Reforms
Presenting the report, CM Omar Abdullah emphasized that the government’s fiscal discipline, industrial incentives, and infrastructure development have contributed to the positive economic outlook. “Jammu and Kashmir is witnessing a robust economic revival, with a special focus on employment generation, business growth, and rural development,” he stated.
The report attributes the drop in unemployment to government-backed employment schemes, increased private sector participation, and tourism growth, which has seen record footfall in recent years.
Challenges and Way Forward
While the report paints a promising picture, it also highlights challenges such as regional economic disparities, infrastructure bottlenecks, and the need for greater private investment. Experts suggest that sustained policy interventions, ease of doing business reforms, and enhanced connectivity will be crucial for maintaining the growth momentum.
The government has reiterated its commitment to strengthening J&K’s economy, with a focus on sustainable development, digital transformation, and expanding job opportunities for youth.
As Jammu and Kashmir gears up for another year of economic expansion, stakeholders remain optimistic about the region’s potential to become a major contributor to India’s overall growth story.(DD)
