The Jammu and Kashmir government has announced that its total debt exceeds 1.25 lakh crore rupees, which includes 27,900 crore rupees in the General Provident Fund (GPF) for the Union Territory during the last financial year. In a statement, Chief Minister and Finance Minister Omar Abdullah shared that as of March 31, 2024, the total debt stands at 1,25,205 crore rupees.
This amount includes loans from the Reserve Bank of India totalling 69,894 crore rupees, GPF at 27,901 crore rupees, reserves of 14,294 crore rupees, 5,758 crore rupees in outstanding national small savings fund, 4,032 crore rupees in negotiated loans, 2,616 crore rupees in UDAY power loans, and 710 crore rupees in advances from the Government of India. Abdullah also mentioned that the total outstanding liability in the treasuries as of February 27, 2025, is 5,429.49 crore rupees under various account heads.
According to the Economic Survey Report 2024-25, the total debt of 1,25,205 crore rupees makes up 52% of Jammu and Kashmir’s Gross State Domestic Product (GSDP) of 2,38,677 crore rupees. The public debt, which stands at 83,010 crore rupees, represents 66% of the total outstanding debt for FY 2024, including 82,300 crore rupees in internal debt and 710 crore rupees in advances from the Government of India. Additionally, the provident fund makes up 21% of the total debt.
