Jammu and Kashmir Budget 2025-26: A New Era of Economic Growth

The Jammu and Kashmir Legislative Assembly has approved the 2025-26 budget, allowing the use of Rs 1.40 lakh crore from the Union Territory's consolidated fund. Chief Minister Omar Abdullah emphasized the budget's role in economic growth and normalcy, crediting central government support. The GST amendment bill was also passed.

The Jammu and Kashmir Legislative Assembly on Tuesday passed the budget for fiscal year 2025-26 through a voice vote, endorsing the appropriation bill to enable the government's expenditure of Rs 1.40 lakh crore from the Union Territory's consolidated fund.

Chief Minister Omar Abdullah, also the state's finance portfolio holder, introduced the appropriation bills for financial years 2024-25 and 2025-26, both receiving quick approval post-introduction. Abdullah presented the budget as a roadmap for the region's economic rejuvenation, aligning with the aspirations of its citizens after years of turmoil.

Simultaneously, the legislative body adopted the Jammu and Kashmir goods and services tax (Amendment) bill to synchronize the Union Territory's GST Act with recent updates to the central GST framework, marking the session's inaugural bill by the National Conference-led administration.

(With inputs from agencies.)