Jammu: Jammu and Kashmir Chief Minister Omar Abdullah on Friday said there is no “magic wand” to make the UT economically self-reliant, stressing that sustained multi-sector interventions are required to strengthen its financial position.
Addressing a post-budget press conference here, Abdullah said the government is working to improve Jammu and Kashmir’s economic standing through targeted measures across sectors.
“If you are asking whether I have a magic wand to make Jammu and Kashmir self-reliant, the honest answer is no. These budgets have been directed towards improving our economic standing across sectors,” he said.
He expressed hope that the region would eventually reduce its dependence on central assistance beyond its due share.
The chief minister said the government is working under difficult economic realities but has still managed to present a realistic and operational budget for the Union territory (UT).
“This year has been particularly difficult for us. We were expecting a growth of around 5 to 10 per cent, but the Pahalgam incident and floods caused heavy losses. We hope to bring growth back on track,” he said, adding that despite the challenges, a “good and workable budget” has been placed before the people.
Replying to another question, Abdullah said that the UT is not presently a hydropower-driven economy, despite having significant potential in the sector.
“We have hydropower potential, but the economy gets almost nothing in terms of actual earnings from hydropower. Perhaps in the future, when all projects come on stream and the power is fully ours, hydropower could change the economic focus of Jammu and Kashmir. But it is extremely capital-intensive, with heavy upfront investment, so it is not easy,” he said.
“Hydropower is an important part of our infrastructure, but our economic focus remains on agriculture, horticulture, industry, tourism and handicraft,” Abdullah added.
The chief minister said the UT’s economy continues to be largely agrarian and dependent on agriculture, horticulture and allied sectors. “That is why this budget places special focus on agriculture, horticulture, productivity improvement and dairy development,” he said.
PTI