Jammu and Kashmir''s GSDP is expected to grow by 7.5% in 2024-25, according to Lt Governor Manoj Sinha. The budget for the fiscal year includes increased provisions for various sectors, including infrastructure and social development.
Srinagar, Aug 12 (PTI) Jammu and Kashmir's GSDP is expected to grow at 7.5 per cent during the current fiscal, Lt Governor Manoj Sinha said on Monday.
"The GSDP (Gross State Domestic Product) for 2024-25 has been projected at Rs 2,63,399 crore (Rs 2.63 lakh crore), showing a growth of 7.5 per cent over the GSDP of 2023-24," Sinha told reporters.
Highlighting the salient features of the budget, he said the size of this fiscal's provisions was Rs 30,889 crore higher than the previous year.
"The size of the budget for 2024-25 is Rs 1,18,390 crore (Rs 1.18 lakh crore). It is Rs 30,889 crore higher than the expenditure of 2023-24," he added.
Giving details, the lieutenant governor said the revenue receipt estimate for 2024-25 was Rs 98,719 crore and capital receipt estimate Rs 19,671 crore.
Revenue expenditure for 2024-25 is pegged at Rs 81,486 crore.
The administrative sector has got Rs 9,881.68 crore, social sector Rs 24,870.50 crore, infrastructure sector Rs 15,719.40 crore and the economic sector Rs 5,555.48 crore.
"Capital expenditure (or developmental expenditure) for 2024-25 is Rs 36,904 crore," Sinha said.
While the capital expenditure contribution towards GDP is 14.01 per cent, the tax-GDP ratio is projected at 7.92 per cent, which is higher than last year's 5.68 per cent, he added.
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