JAMMU: Chief minister Omar Abdullah tabled Thursday J&K’s economic survey in the assembly with heady data on growth and jobs, the first such dossier since the 2019 abrogation of Article 370 and the region’s conversion into a Union territory (UT).
J&K’s economy is expected to grow at 7.06% in 2024-25, while unemployment rate has dipped 0.6% to 6.1% since 2019, according to the survey tabled by Omar. He also handles finance in his nearly six-month-old National Conference (NC) govt.
The size of J&K’s economy is estimated at Rs 2.65 lakh crore, and its real GSDP at Rs 1.45 lakh crore in 2024-25. The jobs report card is rosy, too. “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,” the report says.
Tourism appears to be going places, with arrivals soaring to an all-time high of 2.36 crore in 2024, the survey says. This includes foreign tourists (0.65 lakh), Sh Amarnath Ji (5.12 lakhs) and Shri Mata Vaishno Devi (94.56 lakhs). Home stays are being encouraged to accommodate more visitors and generate employment.
J&K is estimated to achieve a compound annual growth rate of 4.89% in real GSDP from 2019-20 to 2024-25 compared with 4.81% from 2011-12 to 2019-20.
J&K’s per capita annual income at current prices is estimated at Rs 1,54,703 in 2024-25 compared with the national per capita income of Rs 2,00,162. “Per capita income of J&K is anticipated 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 says.
Inflation in J&K increased to 4.5% in 2024 from 4.3% in 2023. In contrast, all-India level inflation decreased to 5% from 5.7% in the same period.
Tax revenue of Rs 10,624.09 crore was realised in the first nine months of 2024-25, which is 76 per cent of the Rs 13,903.22 crore revenue in 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 adds.
The survey projects a robust industry phase. Around 1,984 units with investments of Rs 9,606cr and 63,710 jobs have come on stream from 2019 to Dec 2024. Investment proposals worth Rs 1.63 lakh crores (till Dec 2024) have been received, with the potential to generate over 5.9 lakh jobs. Handicraft exports doubled to Rs 1162cr in 2023-24 from Rs 563cr in 2021-22.