CM Omar presents Rs 1.12 lakh crore budget for J&K

Jammu: Jammu and Kashmir Chief Minister Omar Abdullah on Friday presented a Rs 1.12 lakh crore budget for Jammu and Kashmir for the fiscal 2025-26.

Unveiling the budget in the assembly, Abdullah, who also serves as Finance Minister of the UT, announced that total budget estimate for the fiscal 2025-26 is Rs 1,12,310 crore.

“The total net budget estimates for the fiscal 2025-26 are Rs 1,12, 310 crore, excluding the provision for ways and means advances and overdraft. The expected revenue receipts are Rs 97,982 crore and capital receipts are Rs 14328 crore,” Abdullah said while presenting the budget.

Similarly, he said that the revenue expenditure is estimated to be Rs 79703 crore and capital expenditure to be Rs 32607 crore.

The total gross receipts are estimated at Rs 1,40,309.99 crore, including the provision for ways and means advances and over-draft of Rs 28000 crore, he said adding, “given these receipts, the total gross expenditure is estimated to be Rs 1,40,309.99 crore.”

The own revenues both tax and non-tax are estimated to be Rs 31905 crore, he said adding, “In addition to this, Rs 41000 crore is to flow as central assistance and Rs 13522 crore as CSS/PMDP to the Union Territory of Jammu and Kashmir.”

Abdullah revealed that the tax and GDP ratio is projected at 7.5 percent for 2025-26, adding, “fiscal deficit for the year 2025-26 is estimated to be 3.0 percent and this is substantially lower than 5.5 percent in 2024-25 (RE).”

The GDP for the year 2025-26 has been projected at Rs 2,884,22crore, which shows a growth of 9.5 percent over the previous year, adding he said, “the state’s own revenue both tax and non-tax revenue, is estimated to be Rs 31905 crore.”

The Chief Minister said that a total of Rs 41000 crore is to flow as central assistance and Rs 13522 crore as centrally sponsored schemes and the Prime Minister’s Development Package (PMDP).

The Chief Minister however, also proposed a free ration of 10 kilogram per person to all AAY beneficiaries from April 1, 2025, enhancement of pension to vulnerable sections of the society including old-aged persons, widows, divorcees and specially–abled persons.

The pension has been revised to Rs 1250 crore for persons below 60 years of age while Rs 1500 crore for persons aged between 60 and below 80 years and Rs 2000 for persons aged 80 years and above.

He announced enhancement of financial assistance under the marriage assistance scheme from Rs 50000 to Rs 75000 for AAY category girls and from April 1, 2025, all women will be granted free ridership on government-owned public transport buses, including e-buses.

Abdullah also proposed 200 units of free electricity per month to all AAY families in Jammu and Kashmir, adding, “Integrated with the PM Surya Ghar Bijli Yojana, this initiative will enable installation of grid-connected solar systems, generating the required power and eliminating electricity bills.”

He said that Rs 750 crore will be invested in this scheme and it would reduce AT&C losses and promote sustainable energy.

He also announced reducing the stamp duty on property gifted to blood relatives to zero and further announced the setting up of national law universities and Jammu and Kashmir skill and entrepreneurship universities.