SRINAGAR: Jammu and Kashmir Chief Minister Omar Abdullah has urged the central government to provide an additional Rs 6,000 crore in financial assistance to bridge the significant resource gap in the Union Territory’s budget for the financial year 2024-25. This appeal was made during a meeting with Union Finance Minister Nirmala Sitharaman in New Delhi, where the Chief Minister outlined the pressing fiscal challenges faced by the region.
Chief Minister Abdullah emphasised the dire need for financial support to stabilise the economy and promote sustainable development in Jammu and Kashmir. “Our discussions centred on crucial economic matters. I passionately advocated for much-needed support from the Union Finance Ministry for the region,” he shared on social media.
The request for central assistance is part of a broader strategy to address Jammu and Kashmir’s financial constraints. The Chief Minister also sought funding under the “Special Assistance to States for Capital Investment” scheme, which offers 50-year interest-free loans for capital expenditure, and urged that Jammu and Kashmir be treated on par with North Eastern States for incentives related to Externally Aided Project (EAP) loans.
Beyond fiscal aid, the Chief Minister discussed potential multilateral funding for developing new tourism destinations to decongest existing hotspots and establish world-class infrastructure. He also expressed gratitude for the approval of the Competitiveness Improvement of Agriculture and Allied Sectors Project, a US $100 million initiative financed through the International Fund for Agriculture Development (IFAD) to revitalise the agricultural sector over the next seven years.
These financial negotiations come amidst a series of high-profile meetings by the Chief Minister in New Delhi, including discussions with the President of India, Droupadi Murmu, and Vice-President Jagdeep Dhankar. Abdullah also attended the Power Ministers’ conference, highlighting Jammu and Kashmir’s priorities in the energy sector, and engaged with government officials and industry leaders to explore collaborative development opportunities.
