CM Omar Abdullah presents Rs 1,13,767 crore budget in J&K Assembly; focusing on investment, innovation

Jammu and Kashmir Chief Minister Omar Abdullah presented a budget of Rs 1,13,767 crore for the fiscal year 2026-27 in the Legislative Assembly, outlining plans to establish a foundation for long-term economic stability and social development in the union territory.

The financial blueprint prioritizes modernization, innovation-driven growth, and cooperative governance to propel Jammu and Kashmir into a thriving economic hub, according to the Chief Minister.

“It is both an honor and a responsibility to present this budget, which serves as a strategic framework for our territory’s financial trajectory,” Abdullah stated during his address to lawmakers.

Characterizing the budget as more than financial documentation, he emphasized its role as “an actionable roadmap guiding us toward sustainable progress and collective prosperity for all residents.”

The Chief Minister called for unified legislative efforts to advance regional development, stating: “I urge every member of this House to collaborate in building a resilient and prosperous Jammu and Kashmir.”

Highlighting recent adversities, the Chief Minister noted that security incidents, geopolitical tensions, and natural disasters in the Jammu region had disrupted economic sectors including tourism, handicrafts, and agriculture during the previous year.

To address fiscal pressures, Abdullah detailed initiatives to optimize resource allocation, enforce spending controls, and implement power sector reforms to reduce financial losses. He confirmed that austerity measures would continue for the third straight year.

The budget incorporates feedback from public representatives, industry experts, and community stakeholders to ensure alignment with public needs. Key allocations focus on infrastructure development, employment generation, women’s empowerment, and healthcare expansion.

Abdullah acknowledged financial limitations, revealing that internally generated revenues cover only a quarter of budgetary needs, while personnel costs and debt obligations consume nearly 60% of expenditures.

The Chief Minister expressed gratitude for the Central government’s fiscal support, confirming that special assistance funds would finance critical infrastructure, hydroelectric projects, and flood rehabilitation works.

Policy announcements included plans to establish regularization protocols for daily wage workers and implement new frameworks to boost micro, small, and medium enterprises (MSMEs).

Budget highlights include:

1. Completion of 321,000+ houses under PMAY scheme with 14,000 underway
2. Scheduled 2026 international film festival
3. Financial empowerment of 2,963 women entrepreneurs
4. Expansion of cultural centers across the territory
5. Launch of two Ayush hospitals in upcoming fiscal year
6. Operationalization of AIIMS Kashmir facility in 2026
7. Introduction of 200 electric buses for public transit
8. Enhanced medical diagnostics with additional PET scanners
9. Mobile healthcare units expansion
10. Vocational training programs in 554 schools