Omar Abdullah flags J&K’s debt distress

JAMMU: J&K government revealed Saturday that the Union Territory is burdened with a staggering debt of Rs 1.25 lakh crore. This is 52% of the state’s gross domestic product (GSDP) and dwarfs Rs 1.12 lakh crore -- the size of the state’s budget presented by CM Omar Abdullah on Friday.
Omar, who is also finance minister, trotted out the numbers Saturday in a written reply in the assembly to MLA Sajad Gani Lone, explaining the loan data as of March 31, 2024.
“This includes Rs 69,894 crore in loans from RBI and state development loans, Rs 27,901 crore in GPF, Rs 14,294 crore in reserves, Rs 5,758 crore in outstanding national small savings fund, Rs 4,032 crore in negotiated loans, Rs 2,616 crore in UDAY power loans, and Rs 710 crore in Government of India advances,” the chief minister said.
Total outstanding liabilities in treasuries as of Feb 27, 2025 amounted to Rs 5,429.49 crore, Omar added. J&K’s economic survey for 2024-25, tabled in the House on Thursday, said the outstanding debt represented 52 per cent of the UT’s GSDP of Rs 2.38 lakh crore.