Srinagar, Aug 12 (KS): In the past five years, Jammu and Kashmir has witnessed a significant economic transformation, pulling itself out of the “debt state” identity and paving the way towards self-reliance. This progress is largely attributed to the efforts of the Union Territory’s administration under Lieutenant Governor Manoj Sinha.
Financial Reforms and Budgetary Focus
In his recent address, LG Manoj Sinha highlighted the strides made in the financial sector and unveiled the J&K Budget for 2024-25, amounting to Rs 1.18 lakh crore. The budget is designed to provide a substantial boost to key sectors, including agriculture, horticulture, and infrastructure development. These sectors are seen as pivotal for the UT’s economic growth and employment generation.
The administration’s focus on agriculture and horticulture aims to modernize these sectors, improve productivity, and enhance the income of farmers. Infrastructure development, on the other hand, is geared towards creating a robust network of roads, bridges, and other facilities to support economic activities and improve connectivity across the region.
Revitalizing J&K Bank
One of the notable achievements under Sinha’s leadership is the turnaround of J&K Bank. The bank has been transformed into a profitable institution, playing a crucial role in the UT’s economic landscape. This transformation reflects the administration’s commitment to strengthening financial institutions and ensuring their contribution to the region’s development.
Affordable Power Supply
Another significant highlight is the provision of affordable power to the people of Jammu and Kashmir. According to LG Sinha, the UT offers the cheapest power in the country, with no increase in power tariffs over the past three years. This move aims to ease the financial burden on residents and businesses, promoting economic activities and improving the quality of life.
Path to Self-Reliance
The transformation of Jammu and Kashmir from a “debt state” to a path of self-reliance marks a critical milestone in its journey towards economic stability and growth. The strategic focus on key sectors, financial reforms, and affordable power supply are expected to catalyze further development and prosperity in the region.
As the Union Territory continues on this trajectory, the administration remains committed to fostering an environment conducive to investment, innovation, and inclusive growth, thereby unlocking the full potential of Jammu and Kashmir.—(KS)
