Jammu, Mar 8: The Jammu and Kashmir government on Saturday disclosed that its total outstanding debt has exceeded ₹1.25 lakh crore, including ₹27,900 crore in the General Provident Fund (GPF) for the Union Territory in the last financial year.
In a written reply to Assembly member Sajad Gani Lone, Chief Minister Omar Abdullah, who also holds the finance portfolio, stated that as of March 31, 2024, J&K’s total debt stood at ₹1,25,205 crore.
“This includes ₹69,894 crore in loans from the Reserve Bank of India and state development loans, ₹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 further revealed that as of February 27, 2025, the total outstanding liability in treasuries across various account heads stood at ₹5,429.49 crore.
According to the Economic Survey Report (ESR) 2024-25, tabled in the House on Thursday, the total outstanding debt accounts for 52% of J&K’s Gross State Domestic Product (GSDP) of ₹2,38,677 crore.
The public debt component stands at ₹83,010 crore, constituting 66% of the total on-budget outstanding debt for FY 2024, which includes ₹82,300 crore in internal debt and ₹710 crore in advances from the Government of India.
A significant portion of the on-budget outstanding debt is attributed to the provident fund, which accounts for 21% of the total.
The ESR further highlighted a decade-long trend showing the proportion of internal debt to total on-budget outstanding debt rising from 55% to 66%, while the share of the provident fund declined from 27% to 21%.
The report also noted that J&K’s debt-to-GSDP ratio has increased from 47% in FY 2014 to 51% in FY 2024.