SRINAGAR: The Jammu and Kashmir economy is projected to grow at 7.06 percent and the nominal Gross State Domestic Product (GSDP) may increase by 11.19 percent in 2024-25, according to the Economic Survey Report (ESR) 2024-2025. As per the survey, which was tabled by Chief Minister Omar Abdullah in Assembly on Thursday, the size of the economy is estimated to be approximately Rs 2.65 lakh crores.“J&K UT is estimated to achieve a compound annual growth rate of 4.89 percent in its real GSDP from 2019-20 to 2024-25 in comparison to 4.81 percent from 2011-12 to 2019-20,” the report stated.The per capita income (per capita NSDP) at current prices is estimated to attain a level of Rs 1, 54,703 in 2024-25 (advance estimates) as compared to the national level per capita income of Rs 2, 00,162 in 2024-25. “The comparative analysis with Northern states from 2019-20 to 2023-24 indicates that J&K’s per capita income grew at a compound annual growth rate of 8.3 percent,” stated the report.As per report, revenue of Rs 15,737.80 crore has been generated in nine months of FY 2024-25, which is 77% of revenue generated in FY 2023-24. “Contribution of non-tax revenue to total revenue has increased from 29% (FY22) to 32% (FY25). Power tariff’s share in non-tax revenue grew from 56% to 67% since FY22”.
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