The report, presented by Chief Minister and Finance Minister Omar Abdullah, indicated that the unemployment rate decreased from 6.7% in 2019-20 to 6.1% in 2023-24, reflecting a gradual improvement in employment levels.
According to the Economic Survey Report (ESR) for 2025, the economy of Jammu and Kashmir is projected to grow by 7.06% in real terms, with the nominal Gross State Domestic Product (GSDP) anticipated to increase by 11.19% in 2024-25. The report also highlighted significant progress in the region, including a decline in the unemployment rate from 6.7% in 2019-20 to 6.1% in 2023-24. The report was presented in the J&K Assembly on Thursday, March 6, 2025, by Chief Minister Omar Abdullah, who also holds the portfolio of Finance Minister.
The report offers a comprehensive analysis of Jammu and Kashmir’s economic performance, development progress, and future prospects, providing valuable insights for policymakers and stakeholders. It projects that the region’s real GSDP will grow by 7.06%, while the nominal GSDP is expected to increase by 11.19% in 2024-25.
According to the report, the nominal Gross State Domestic Product (GSDP) of J&K is estimated to reach approximately ₹2.65 lakh crore, with the real GSDP projected at around ₹1.45 lakh crore during 2024-25.
Additionally, the report highlights that J&K is expected to achieve a compound annual growth rate (CAGR) of 4.89% in its real GSDP from 2019-20 to 2024-25, surpassing the 4.81% CAGR recorded between 2011-12 and 2019-20.
The report further stated that J&K’s per capita annual income (per capita NSDP) at current prices is estimated to reach ₹1,54,703 in 2024-25 (advance estimates), compared to the national per capita income of ₹2,00,162 in 2024-25.
The report projects that Jammu and Kashmir’s per capita income at current prices will grow by 10.6% in 2024-25.
It further highlights a comparative analysis of per capita income growth among northern states from 2019-20 to 2023-24, showing that J&K achieved a compound annual growth rate (CAGR) of 8.3%, surpassing Punjab (6.22%), Delhi (6.74%), and Himachal Pradesh (6%). Additionally, the report notes that J&K is making a significant contribution to the national GDP, accounting for 0.8%, which aligns closely with its population share of 0.98%.
The report revealed that ₹15,737.80 crore in revenue was generated during the first nine months of the financial year 2024-25, representing 77% of the ₹20,333.55 crore total revenue collected in 2023-24.
It highlighted an increase in the contribution of non-tax revenue to total revenue, rising to 32% in FY25. The share of power tariffs in non-tax revenue also grew significantly, increasing from 56% in FY22 to 67% in FY25. Additionally, the report stated that tax revenue amounted to ₹10,624.09 crore in the first nine months of FY25, which is 76% of the ₹13,903.22 crore collected in FY24. Meanwhile, non-tax revenue during the same period reached ₹5,113.71 crore, accounting for 80% of the ₹6,430.33 crore collected in FY24.
The report highlighted significant growth among major revenue contributors, with the highest increase of 96% recorded in vehicle tax revenue, followed by a 67% rise in power revenues, a 36% increase in GST, a 33% growth in water user charges, and a 14% rise in excise collection.
Revenue expenditure for the first nine months of FY25 amounted to ₹49,828 crore, representing 75% of the total ₹66,621 crore revenue expenditure for FY24. During the same period, capital expenditure reached ₹11,538 crore, which is 51% of the ₹22,531 crore capital expenditure incurred in FY24.
The report also underscored notable progress in Jammu and Kashmir, with the unemployment rate on usual status declining from 6.7% in 2019-20 to 6.1% in 2023-24.
The report noted that improvements in Jammu and Kashmir’s Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR) reflect enhanced employment opportunities and economic activity in the region. By 2023-24, the LFPR had increased to 64.3%, while the WPR rose to 60.4%.
Under various self-employment schemes (SESS), 40,778 units have been established, providing employment to approximately 1.16 lakh young men and women. Additionally, 35.28 lakh unorganized workers were registered on the e-SHRAM portal as of November 2024. The report further highlighted a reduction in gross non-performing assets (NPAs), which declined from 5.71% in December 2022 to 4.13% by March 2024.
The report highlighted a 7.12% increase in total food crop production in Jammu and Kashmir, rising from 19,515 thousand quintals to 20,904 thousand quintals over the past year. The region has also made strides toward self-reliance in vegetable production, reaching 520 thousand quintals in 2023-24.
The agriculture sector in J&K is undergoing a transformation, focusing on high-value crops, organic vegetables, and exotic varieties. Under the Holistic Agriculture Development Plan, the government plans to invest ₹5,013 crore across 29 projects over the next five years. This initiative is projected to contribute ₹28,000 crore to the GSDP and generate 2.88 lakh sustainable jobs. Additionally, the plan aims to benefit 13 lakh families and equip 2.5 lakh youth with skills through the establishment of 19,000 new enterprises.
