Jammu- Giving details of budgetary proposals in various sectors, Chief Minister Omar Abdullah said that in the power sector, J&K shall aim to achieve self-sufficiency in power & energy by 2027-28 with 7,500 MW new hydro projects & smart grid investments to ensure 24/7 power supply.
To further improve power efficiency, the Chief Minister’s Awards will be instituted to recognize outstanding efforts in reducing Aggregate Technical & Commercial (AT&C) losses and conducting energy audits.
Highlighting that major highways and tunnels were under execution, and rail connectivity via USBRL project was progressing rapidly, CM said that the budget has proposed 4,000 km of roads to be blacktopped in 2025-26 to improve connectivity across J&K.
CM said that Agriculture and allied sectors are crucial for the livelihoods of most of our population and Holistic Agriculture Development Programme (HADP) has an outlay of Rs 5013 crore until 2027-28 which is reshaping subsistence farming into commercial agri-economy.
On Industrial Development, CM said that J&K currently has 64 Industrial Estates and 46 more are under development and Government is committed to ensure infrastructure development in these estates. He said that the Government is streamlining SGST reimbursement and turnover incentives. He said to strengthen industry collaboration, the Government would constitute an Advisory Committee on Industries, ensuring regular engagement with businesses. CM proposed Rs 50 crore this year to support financial aid, mentorship and incubation for emerging entrepreneurs, He said that Government will bring a new policy to provide price preference to local MSMEs in public procurement
In tourism sector, CM said new master plans shall be prepared for major tourist destinations like Gulmarg, Pahalgam and Sonamarg. J&K’s first National Water Sports Centre at Dal Lake & Basohli shall be established. A water park at Dwara village near Sidra Golf Course under PPP model shall be developed in Jammu.The budget proposes to constitute a multi-stakeholder Advisory committee in Tourism & Hospitality sector.
CM said that Mission YUVA would be launched in the next financial year aiming to create 1,37,000 enterprises and to create 4.25 lakh jobs over five years through startups, MSMEs & skilling programs. The budget has proposed establishment of Jammu & Kashmir Skill & Entrepreneurship University (J&K SEU) to provide cutting-edge training in technology, healthcare, tourism, renewable energy & traditional crafts. To support structured skill development, one lakh youth shall be trained over 5 years under PMKVY 4.0, PM Vishwakarma and other schemes besides reviving the Udaan Scheme. Special focus shall be given on first-generation entrepreneurs, women & youth from remote areas through credit support & market linkage.
CM said that his Government was committed to construct state-of-the-art Legislative complex in Jammu and an allocation of Rs 50 crore has been proposed in this budget for FY 2025-26. He said that provision of Rs 50 crore has been proposed in this budget to establish a National Law University in J&K and that Rs 125 crore has been apportioned for state-of the art judicial infrastructure across J&K.
Under the disaster management, CM stated that Rs. 39 crore Disaster Mitigation Fund has been proposed in the budget for flood & landslide protection, and GLOF monitoring systems for climate resilience.
Concluding his Budget speech, the chief minister commended the Budget for the financial year 2025-26 of the Union Territory of Jammu and Kashmir to the Legislative Assembly for consideration.
Later, the Chief Minister Omar Abdullah also presented the Supplementary Statement of Expenditure for the year 2024-2025 before the House.
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