Says J&K Bank Now Running As Rs 1,300-Cr Profit Institution From Rs 1,200-Cr Loss One

Jammu: Lieutenant Governor Manoj Sinha on Sunday said that the GDP of Jammu and Kashmir increased from Rs 1.6 lakh crore in 2018-2019 to Rs 2.64 lakh crore in 2021-2022, during the last four years due to the reforms brought by the administration.
During his media interaction on Budget 2024-2025, Sinha said the budget 2024-25 is primarily a “Growth-Oriented” budget and in line with the endeavours of the UT Government to double its economy in the next few years.
He said that some people will continue to do politics be it the reservations to SCs or land to the landless.
“Let them do their job and we will do our job,” he said.
Speaking about the vote on account of budget 2024-2025 in the Parliament, Sinha said that the economic condition of J&K is much better than what it was earlier.
“Our administration’s efforts have been to increase capital expenditure and decrease the revenue expenditure. The revenue expenditure of J&K is Rs 80,000 crore as a vast portion goes into salaries of employees while capital expenditure has recorded a quantum jump of Rs 38,000 crore from Rs 11,000 crore,” Sinha said while addressing a press conference in Jammu.
He said now J&K has fully integrated with the Union of India and there is zero tolerance against militancy while the Tricolor runs high across Kashmir.
On J&K Bank, he said that this once Rs 1,200 crore loss institution is running now as a Rs 1,300 crore profit institution. He hoped the Bank’s profit will touch Rs 1,800 crore this fiscal year.
He said the Budget 2024-25 reflects the felt needs and aspirations of the people of J&K and commitment of the UT Administration for peace, progress and prosperity.
He said immediate goal is to accelerate the pace of economic development in the UT of J&K and make it multi-dimensional.
The LG said the focus areas for the budget spending would be good governance, strengthening grass-root democracy, promoting holistic and sustainable agriculture, promoting Jammu and Kashmir as an investment destination, employment generation, developing new tourism destinations, accelerated development & inclusive growth, women empowerment and social inclusion.
With regard to e-governance initiatives for 2024-25, he said his administration plans to extend e-office in all the offices and panchayats, PM Gati Shakti to be fully implemented, emerging technologies such as artificial intelligence (AI), machine learning and internet of things to be implemented for effective delivery of services to the citizens by the Information Technology Department.
He said Rs 5,038 crore under capital expenditure was allocated to water supply and irrigation, Rs 3,730.83 crore to rural development and panchayati raj, Rs 2,029.95 crore to agriculture and allied sectors, Rs 1,427.61 crore to health and wellness, Rs 1,875 crore for power sector and Rs 469.20 crore to tourism and culture.
Similarly, an allocation of Rs 1,300.10 crore was granted to the education department, Rs 2,329.55 crore to housing and urban development, Rs 4,108.87 to connectivity (roads and bridges) and Rs 529.62 crore for industrial development, the LG said.

KR Desk