J&K’s economy expected to grow at 7.06% in 2024-25: Economic Survey
As per report the contributions of various sectors to the Gross State Value have been noteworthy, with the primary sector contributing 20%, the secondary sector 18.3%, and the tertiary sector 61.7%
The economy of Jammu and Kashmir is projected to grow at 7.06% in real terms, while the nominal Gross State Domestic Product (GSDP) is expected to rise by 11.19% in 2024-25, read the Economic Survey Report for the year 2024-25 tabled by J&K chief minister (CM) Omar Abdullah on Thursday in the legislative assembly.
The economic report was tabled ahead of budget which will be presented in the House on Friday.
“The nominal GSDP is estimated to reach ₹2.65 lakh crore,while the real GSDP is projected at ₹1.45 lakh crore.This growth reflects a compound annual growth rate of 4.89% in real GSDP from 2019-20 to 2024-25,surpassing the previous period’s growth rate of 4.81% from 2011-12 to 2019-20.The per capita income is expected to reach ₹1,54,703 in 2024-25,showing a robust increase of 10.6%, indicating improved economic well-being for the resident’s of the J&K,” the report said.
As per report the contributions of various sectors to the Gross State Value have been noteworthy, with the primary sector contributing 20%, the secondary sector 18.3%, and the tertiary sector 61.7%.
“Inflation in J&K has risen marginally by 0.2% points to 4.5% in 2024,from 4.3% in 2023,” the report read.
The report said that the unemployment rate has recorded a dip of 0.6% in 2019-20, reflecting enhanced employment opportunities and economic dynamism. “Jammu and Kashmir has made substantial progress in financial inclusion and industrial development. The increase in the number of banks and financial institutions has improved access to banking services across the UT. The Credit-Deposit Ratio stands at 62.01%, with a notable increase in credit flow to MSME’s and agriculture. Around 1,984 units having an investment of ₹9,606 corers have been opertionalised in J&k creating employment of 6,37,10 persons,” read the report.
The report further said that the region has achieved significant growth in handicraft exports and financial inclusion for self-help groups,underscoring it’s commitment to economic development and empowerment.
“The agriculture sector in Jammu and Kashmir is undergoing a transformative shift towards hight value crops and organic farming. The Holistic agriculture development plan aims to invest ₹5,013 crore in 29 projects over the next five years,boosting the GSDP and creating significant employment opportunities. The horticulture sector in J&K has experienced significant growth in fresh fruit production, driven by improved farming techniques, better irrigation, and high quality fruit varieties. This sector now contributes significantly to the GSDP and supports a large workforce, reflecting the success of targeted interventions and investments,” the report said.
