J&K’s Debt Crosses Rs 1.25 Lakh Crore, Constitutes 52% of GSDP: Govt Report

By
thenews21bureau
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105
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Srinagar: The Jammu and Kashmir government on Saturday revealed that the Union Territory’s total debt has surpassed ₹1.25 lakh crore, accounting for 52% of its Gross State Domestic Product (GSDP) as per the latest Economic Survey Report (ESR) 2024-25.

In a written reply to Assembly member Sajad Gani Lone, Chief Minister Omar Abdullah, who also holds the Finance portfolio, disclosed that as of March 31, 2024, J&K’s total outstanding liability stood at ₹1,25,205 crore.

Breakdown of J&K’s Debt

  • ₹69,894 crore – Loans from the Reserve Bank of India and State Development funds
  • ₹27,901 crore – General Provident Fund (GPF)
  • ₹14,294 crore – Reserves
  • ₹5,758 crore – National Small Savings Fund (NSSF)
  • ₹4,032 crore – Negotiated Loans
  • ₹2,616 crore – UDAY Power Loans
  • ₹710 crore – Advances from the Government of India

Additionally, the outstanding liability in treasuries under various account heads stood at ₹5,429.49 crore as of February 27, 2025.

Rising Debt Burden

The public debt of ₹83,010 crore comprises 66% of the total on-budget outstanding debt in FY 2024, with ₹82,300 crore being internal debt. Over the past decade, the share of internal debt in total outstanding liabilities has increased from 55% to 66%, while the share of provident fund liabilities has dropped from 27% to 21%.

Moreover, the debt-to-GSDP ratio has increased from 47% in FY2014 to 51% in FY2024, highlighting the growing financial burden on the UT’s economy.

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