The Chief Minister on Saturday said its total debt stands at over Rs 1.25 lakh crore, including Rs 27,900 crore in general provident fund (GPF) for the Union Territory in the last financial year.
Chief Minister Omar Abdullah, who is also the finance minister of the UT, said in a written reply to Assembly member Sajad Gani Lone that as of March 31, 2024, Jammu and Kashmir’s total debt is Rs 1,25,205 crore.
“This includes Rs 69,894 crore in loans from the Reserve Bank of India and state development, 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”, he said.
Omar said the total outstanding liability in treasuries as of February 27, 2025, under various account heads amounts to Rs 5,429.49 crore.
According to the Economic Survey Report (ESR) 2024-25 tabled in the House on Thursday, the outstanding debt of Rs 1,25,205 crore represents 52 per cent of J&K’s GSDP of Rs 2,38,677 crore.
The public debt of Rs 83,010 crore constitutes 66 per cent of the total on-budget outstanding debt in FY 2024, including internal debt of Rs 82,300 crore and Rs 710 crore in advances from Government of India.
Another major component of the on-budget outstanding debt is the provident fund, which accounts for 21 per cent of the total debt.
The ESR also highlighted that over the past decade, the proportion of internal debt to total on-budget outstanding debt has risen from 55 per cent to 66 per cent, while the share of the provident fund has decreased from 27 per cent to 21 per cent.
The debt as a percentage of GSDP has increased from 47 per cent in FY2014 to 51 per cent in FY2024.