Economic growth

In the past few years the central government has been pushing for the economic growth of Jammu and Kashmir.

In this connection, the Chief Secretary said that J&K’s economic growth is Vibrant. A document presenting the elaborate picture of the economy of J&K for the closing financial year prepared by Directorate of Economics & Statistics, Planning Development & Monitoring Department.

He observed that the document is vital in gauging the progress made by the UT. He also called the document a true account of what we have achieved during the financial year.

He complimented the Department for coming up with this Survey at an opportune time. He said that the survey presents a fine picture of our economic trajectory which is encouraging for all of us. He remarked that the yearly economic growth of the UT is a notch higher than the National average which shows that the approach we have adopted during the last few years is working well for the economy.

The Survey reports that J&K is expected to grow at 8 per cent as against 7 per cent at National level during 2022-23 at Constant Prices. At Current Prices, GSDP of J&K is expected to record a growth of 15% which is at par with National level. Economy of J&K grew faster than the national average in recent years.

It further stated the GSDP is likely to be doubled in the next five years with emphasis on service sector, industries, agriculture, horticulture and tourism. UT Revenue Performance (Tax plus Non-Tax) is expected to double during the current year.