The Jammu and Kashmir economy is set to grow at 7.06 per cent in real terms, with nominal Gross State Domestic Product (GSDP) expected to rise by 11.19 per cent in 2024-25, reveals the 2025 economic survey report.
The report said that J&K has shown significant progress, with the unemployment rate declining to 6.1 per cent in 2023-24 from 6.7 per cent in 2019-20.
Chief Minister Omar Abdullah, who oversees the finance ministry, tabled the report in the J&K assembly on Thursday.
“The real GSDP of J&K is expected to grow at 7.06 per cent, and the nominal GSDP is expected to grow at 11.19 per cent in 2024-25,” the report stated.
“The size of J&K’s economy (Nominal Gross State Domestic Product) is estimated to be approximately Rs 2.65 lakh crore, and its real GSDP is estimated to be about Rs 1.45 lakh crore during 2024-25,” it said.
The report further stated that J&K’s per capita annual income (per capita NSDP) at current prices is estimated to reach Rs 154,703 in 2024-25 (advance estimates), compared to the national per capita income of Rs 200,162 in 2024-25.
As per the report, the per capita income of J&K at current prices is anticipated to grow at 10.6 per cent in 2024-25.
“The comparative analysis of J&K’s per capita income with that of northern states from 2019-20 to 2023-24 indicates that J&K’s per capita income grew at a compound annual growth rate of 8.3 per cent, which is higher than Punjab (6.22 per cent), Delhi (6.74 per cent), and Himachal Pradesh (6 per cent),” it said.
The report further maintained that J&K is actively contributing to the national GDP (0.8 per cent) in proportion to its population (0.98 per cent).
“The primary, secondary, and tertiary sectors are expected to contribute 20.00 per cent, 18.30 per cent, and 61.70 per cent, respectively, to the Gross State Value Added during 2024-25,” it said.
The report revealed that J&K has shown significant progress, with the unemployment rate on usual status declining to 6.1 per cent in 2023-24 from 6.7 per cent in 2019-20.
“This improvement is also reflected in the Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR), which have risen to 64.3 per cent and 60.4 per cent, respectively, in 2023-24, showcasing enhanced employment opportunities and economic activities in J&K,” it said.
As many as 40,778 units have been established under various self-employment schemes (SESS), employing about 116,000 young boys and girls, it said.
It stated that 35.28 lakh unorganised workers have been registered on the e-SHRAM portal as of November 2024.
The agriculture sector in J&K is shifting towards high-value crops, organic vegetables, and exotic varieties. Under initiatives like the Holistic Agriculture Development Plan, the government will invest Rs 5,013 crore in 29 projects over five years. This is expected to add Rs 28,000 crore to GSDP, creating 2.88 lakh sustainable jobs, it said.
It added that the plan will also benefit 13 lakh families and provide skills to 2.5 lakh youth through 19,000 new enterprises.
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