J&K debt stands at ₹1.25 lakh crore, says CM Omar Abdullah
Total debt includes ₹69,894 crore in loans from RBI, ₹27,901 crore in GPF, ₹14,294 crore in reserves, ₹5,758 crore in outstanding national small savings fund, ₹4,032 crore in negotiated loans, ₹2,616 crore in UDAY power loans, and ₹710 crore in Government of India advances.
The Jammu and Kashmir government on Saturday said its total debt stands at more than ₹1.25 lakh crore, including ₹27,900 crore in general provident fund (GPF) for the Union Territory in the last financial year.
Chief minister Omar Abdullah, who also holds the finance portfolio, said in a written reply to People’s Conference MLA Sajad Gani Lone that as of March 31, 2024, Jammu and Kashmir’s total debt is ₹1,25,205 crore.
Lone had sought details of the overall fiscal liabilities of Jammu and Kashmir and details of amount accrued in respect of unpaid bills/liabilities of contractors with specific reference to the public health and engineering (PHE) department of Handwara division and the reasons for delay in releasing payments.
“The total debt includes ₹69,894 crore in loans from the Reserve Bank of India and state development, ₹27,901 crore in GPF, ₹14,294 crore in reserves, ₹5,758 crore in outstanding national small savings fund, ₹4,032 crore in negotiated loans, ₹2,616 crore in UDAY power loans, and ₹710 crore in Government of India advances,” he said.
Abdullah said the total outstanding liability in treasuries as of February 27, 2025, under various account heads amounts to ₹5,429.49 crore.
According to the Economic Survey Report (ESR), 2024-25, tabled in the House on Thursday, the outstanding debt of ₹1,25,205 crore represents 52% of Jammu and Kashmir’s GSDP of ₹2,38,677 crore.
The public debt of ₹83,010 crore constitutes 66% of the total on-budget outstanding debt in FY 2024, including internal debt of ₹82,300 crore and ₹710 crore in advances from the Government of India.
Another major component of the on-budget outstanding debt is the provident fund, which accounts for 21% 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% to 66%, while the share of the provident fund has decreased from 27% to 21%.
The debt as a percentage of GSDP has increased from 47% in FY2014 to 51% in FY2024.
