On Thursday, Jammu and Kashmir’s Chief Minister Omar Abdullah presented the region’s economic survey in the assembly, providing key insights on growth and employment.
This marks the first such report since the abrogation of Article 370 in 2019 and the transformation of J&K into a Union Territory.
J&K’s economy is likely to grow at 7.06% in 2024-25, according to the survey.
Additionally, the unemployment rate has seen a reduction of 0.6%, dropping to 6.1% since 2019, a sign of increased job opportunities.
Omar Abdullah, who also holds the finance portfolio in his six-month-old National Conference (NC) government, presented these findings.
The size of J&K’s economy is estimated at Rs 2.65 lakh crore, with a real Gross State Domestic Product (GSDP) of Rs 1.45 lakh crore for 2024-25.
The report noted, “Unemployment rate has recorded a dip of 0.6% points to 6.1& in 2023-24 from 6.7% in 2019-20, reflecting enhanced employment opportunities and economic dynamism.”
J&K’s tourism sector is thriving, with 2.36 crore arrivals in 2024, the highest ever recorded.
This includes 0.65 lakh foreign tourists, along with 5.12 lakh Amarnath pilgrims and 94.56 lakh visitors to Shri Mata Vaishno Devi.
The government is also promoting home stays to boost tourism and generate employment.
J&K will likley achieve a compound annual growth rate (CAGR) of 4.89% in real GSDP between 2019-20 and 2024-25, compared to 4.81% in the previous period from 2011-12 to 2019-20.
The survey estimates J&K’s per capita income for 2024-25 at Rs 1,54,703, while the national average stands at Rs 2,00,162.
The survey stated, “Per capita income of J&K is likely to grow 10.6% in 2024-25. Comparative analysis with northern states from 2019-20 to 2023-24 indicates J&K’s per capita income grew at a compound annual growth rate of 8.3%, higher than Punjab (6.22%), Delhi (6.74%), and Himachal (6%).”
The survey also noted that inflation in J&K rose to 4.5% in 2024 from 4.3% in 2023, while all-India inflation dropped to 5% from 5.7% over the same period.
J&K’s tax revenue reached Rs 10,624.09 crore in the first nine months of 2024-25, covering 76% of the Rs 13,903.22 crore total revenue from 2023-24.
“Among the major revenue contributors, the highest increase of 96% was witnessed in taxes on vehicles, followed by a 67% increase in power, 36% in GST, 33% in water user charges, and 14% in excise collection, among others,” the report added.
The region is experiencing a robust industrial phase, with 1,984 units investing Rs 9,606 crore and creating 63,710 jobs since 2019.
By December 2024, investment proposals worth Rs 1.63 lakh crore had arrived, promising to create over 5.9 lakh jobs.
Handicraft exports also doubled, reaching Rs 1,162 crore in 2023-24 compared to Rs 563 crore in 2021-22.
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