J&K Budget 2024: Omar Abdullah Allocates ₹815 Crore for Agriculture, ₹390 Crore for Tourism Development
March 7 – Jammu and Kashmir Chief Minister Omar Abdullah unveiled the much-anticipated state budget on Friday, marking a significant milestone as the first budget presented by an elected government in the past seven years. With a vision of economic revival, youth empowerment, and sustainable growth, Abdullah emphasized that J&K is firmly on the path toward lasting peace and development.
Major Allocations & Key Announcements
Agriculture & Rural Economy: ₹815 Crore Boost
A massive ₹815 crore has been allocated to the agriculture sector, with a focus on boosting crop production, horticulture, wool processing, and the leather tanning industry. The government aims to generate 2.88 lakh jobs through these initiatives while promoting a two-crop pattern to enhance farmers’ income.
Tourism Development: ₹390 Crore to Boost J&K’s Appeal
Recognizing tourism as a key economic driver, the government has earmarked ₹390.20 crore to further develop and promote J&K’s tourism industry. The state expects a record 2.36 crore tourists in 2024, encouraged by marquee events like the Kashmir Marathon (which attracted 1,800 global participants) and rising interest in destinations like Shiv Khori and Dudh Pathri.
The budget’s tourism initiatives include:
New adventure tourism hubs, with Sonmarg developed as a premier winter sports destination.
Expanding homestays and promoting water sports to diversify tourist experiences.
A new water park in Sidhra and Basholi’s transformation into an adventure tourism hotspot.
Industry & Local Business Support
The budget also aims to revitalize the industrial sector, planning the establishment of 64 new industrial estates. A new trader-friendly policy will introduce price preferences and incentives for local businesses. To support Kashmir’s heritage, seven more products are set to receive Geographical Indication (GI) tagging, including Pashmina and traditional crafts.
Healthcare Advancements: AIIMS, Nursing Colleges & Universal Insurance
With a focus on strengthening J&K’s healthcare sector, the government announced:
Two new AIIMS institutions and ten fully-equipped nursing colleges.
₹5 lakh health insurance coverage for all citizens.
Expansion of telemedicine services across the state.
New Cath Labs, MRI machines, and dialysis services for all district hospitals.
Strengthening Local Governance & Infrastructure
Aiming to enhance grassroots governance, the budget includes provisions for constructing 500 new Panchayat Ghars to empower local administration.
A new film policy will be rolled out to position J&K as a prime destination for film production, leveraging its scenic beauty and fostering eco-tourism growth.
Addressing Financial Challenges & Ensuring Fiscal Discipline
While presenting the budget, Abdullah acknowledged the strain on state finances, with 70% of funds going towards salaries and rising administrative, technical, and non-commercial (ATNC) losses. However, he assured that all borrowings remain within prescribed limits, ensuring financial stability.
To fuel economic growth and infrastructure, the budget also includes a ₹5,000 crore grant for development projects.
A Vision for Growth & Acknowledgment of Central Support
Abdullah reiterated his commitment to reducing regional disparities, promoting youth and women empowerment, and restoring statehood. He extended his gratitude to the Prime Minister, Home Minister, and Finance Minister for their continued support in J&K’s journey toward progress and stability.