J&K’s GSDP likely to double in next five years: Economic Survey

Jammu: Jammu and Kashmir’s GSDP is likely to double in the next five years with emphasis on industries, agriculture, horticulture, tourism and the service sector, the Economic Survey 2022-23 of the Union Territory stated.
The economic survey, which is a document presenting an elaborate picture of the economy of Jammu and Kashmir for the closing financial year, said that at current prices, the GSDP of the UT is expected to record a growth of 15 per cent which is at par with the national level.
“The economy of Jammu and Kashmir grew faster than the national average in recent years,” said the report, which was released by Chief Secretary Arun Kumar Mehta.
It added that Jammu and Kashmir is expected to grow at eight per cent as against seven per cent at national level during 2022-23 at constant prices
The UT’s revenue performance (tax plus non-tax) is also expected to double during the current year, the report said.
Mehta observed that the document is vital in gauging the progress made by the Union Territory (UT).
The survey also applauded the time-bound policies, action plans and development strategies being implemented to carry forward and sustain the positive environment and momentum of economic development.
Besides the document brings forth the unique reformative initiatives like district good governance index, aspirational blocks development programme, aspirational panchayat development programme, and aspirational towns programme rolled out first time in the country, the report noted.
Jammu and Kashmir got prime rankings in different parameters of registering growth and development, it said.
It was ranked one among UTs for its e-office uptake, renewable energy development, registration coverage under e-SHRAM and issuing of SWAMITVA Cards, the report noted.
Jammu and Kashmir was ranked second in Nasha Mukt Abhiyaan and performance under Azadi Ka Amrit Mahostav.
It was third at the all-India level in terms of total road length constructed under the PMGSY, fourth in incremental progress of SDG and fifth in reducing regulatory compliances burden under ease of doing business, the report said.
In terms of achievements, the road network has been extended to all habitations with population over 250 persons as per 2001 census, for facilitating growth and development, it said.
World class national highways, expressways, tunnels, bridges, flyovers, ring roads are coming up, Jammu and Kashmir’s rail link is expected to be connected to the national network during 2023 and airports are also being upgraded, it said.
Regarding power generation capacity, the report said the same is likely to be doubled in four years and tripled in the next eight years.
In the education sector the indicators have shown notable improvement, the report said.
As far as the tourism sector is concerned, it said that Jammu and Kashmir is developing 75 new tourist destinations, 75 heritage and cultural sites, 75 sufism and religious sites and 75 adventure treks and sites attracting potential for all the four seasons in the areas of nature, adventure, pilgrimage, heritage and sports.
Empowerment of panchayati raj institutions is proving a game changer, the report said.
Under the PMAY(G), 30,381 families (1.14 lakh cumulative) were provided financial assistance for construction of pucca houses and numerous water bodies were rejuvenated under AmritSarovars scheme.
The chief secretary called the document a true account of “what we have achieved during the financial year”.