Key developmental priorities of J&K discussed
Sanjeev Pargal
JAMMU, Nov 20: Chief Minister Omar Abdullah today called on Union Finance Minister Nirmala Sitharaman in New Delhi and discussed with her the financial scenario of Jammu and Kashmir which has taken a hit due to reconstruction and rehabilitation measures undertaken by the Government first in the aftermath of Pahalgam terror attack followed by heavy rains during Monsoon including cloudbursts and landslides.
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Omar, who also holds charge of the Finance Department and presented his maiden budget on March 7 this year, is reported to have sought urgent Central assistance to bridge the revenue deficit and overcome the difficulties created by these economic and natural setbacks.
“Chief Minister Omar Abdullah today called on Union Minister for Finance Nirmala Sitharaman and held detailed discussion on key developmental priorities of Jammu and Kashmir. The meeting focused on strengthening infrastructure , boosting investment and ensuring continued financial support for welfare-driven initiatives in J&K,” Office of Chief Minister, J&K wrote on twitter.
Asserting that Jammu and Kashmir has been facing financial constraints, sources said the CM sought Central assistance to address the fiscal challenges especially in the wake of steep decline in reduction in tourists due to April 22 Pahalgam terror attack and damages caused to Government infrastructure and private property due to heavy rains this Monsoon in which several lives were lost.
“Finances of Jammu and Kashmir have also been severely impacted by various factors which included a substantial decline in its share of Goods and Services Tax (GST) revenue,” the sources said adding that relief and reconstruction efforts post floods and landslides have also caused extra burden on the UT exchequer.
The Government is expecting the Central aid for reconstruction and rehabilitation of the people badly affected by floods and landslides triggered by heavy rains during the Monsoon especially in the month of August.
In the UT, the Government departments were engaged in assessing requirements for next year’s budget (2026-27) which will be presented in the Legislative Assembly, most likely in the month of March next, like this year. Revised Budgetary Estimates for current financial year of 2025-26 will also be presented along with the budget.
Omar had presented Rs 1,12,310 crore worth budget for 2025-26 on March 7 this year which was Rs 6418 crore less than 2024-25.
The financial year 2024-25 budget was presented in the Parliament by Finance Minister Nirmala Sitharaman on July 23, 2024 worth Rs 1,18,728 crore. However, an interim budget of the UT (Vote-on-Account) was taken on February 5, 2024 in the Parliament in view of Lok Sabha elections.
Budget for 2023-24 of Jammu and Kashmir was also to the tune of Rs 1,18,500 crore.
The budget for 2025-26 was presented in the Legislative Assembly by Chief Minister Omar Abdullah. This was after a gap of seven years that J&K’s budget was presented in the Assembly.
In March next year, Omar will present second budget of Jammu and Kashmir.
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