Jammu & Kashmir’s Economic Revival: Key Highlights
In a significant move, Chief Minister Omar Abdullah presented Jammu and Kashmir’s first economic survey since the abrogation of Article 370 in 2019. The data reflects a promising outlook for the region’s economy, which is projected to grow at 7.06% in 2024-25.
Unemployment Rate Decline
The unemployment rate has dipped by 0.6% to 6.1% since 2019, indicating enhanced employment opportunities. The total size of J&K’s economy is estimated at Rs 2.65 lakh crore, with a real GSDP of Rs 1.45 lakh crore.
Tourism Boom
Tourism is witnessing remarkable growth, with arrivals expected to reach 2.36 crore in 2024. This includes significant numbers of pilgrims visiting prominent sites such as Sh Amarnath Ji and Shri Mata Vaishno Devi, boosting local employment through home stay initiatives.
Industrial Growth and Revenue
From 2019 to December 2024, nearly 1,984 new industrial units have emerged, creating over 63,710 jobs. Tax revenue has also shown a robust increase, particularly in vehicle taxes and GST collections.
Per Capita Income Insights
J&K’s per capita annual income is projected at Rs 1,54,703 for 2024-25, with an impressive growth rate compared to neighboring states.
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