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Jammu and Kashmir now debt-free and set for economic prosperity, says L-G
J&K L-G Manoj Sinha underlined that people have to pay for the government services they avail
Jammu and Kashmir Lt. Governor Manoj Sinha addresses a press conference on Budget 2024-25 at SKICC in Srinagar on August 12, 2024.
| Photo Credit: Imran Nissar
Jammu and Kashmir Lieutenant Governor Manoj Sinha said on Monday that the State has seen a profound transformation in the past five years and his administration had been able to pay off debt and laid a foundation for economic sustainability.
“J&K was known as an ‘indebted State.’ Over the past five years we have been striving to make the State self-reliant. The past five years have been marked by peace, prosperity and optimism,” said L-G Sinha, while referring to the Central budget of Rs. 1,18,390 for J&K.
L-G Sinha expressed his gratitude to Prime Minister Shri Narendra Modi and the Finance Minister Nirmala Sitharaman “for accelerated and inclusive growth.”
Power sector debt
He highlighted the clearing of J&K’s debt owed to the electricity sector. “J&K inherited power debt of ₹ 28,000 crores. We have been able to repay it,” L-G Sinha said.
Mr. Sinha underlined that people have to pay for the government services they avail. “J&K gets the cheapest electricity. There has been no increase in power tariffs over the past three years. Electricity rates in J&K are lower compared to Punjab, Himachal Pradesh, and Haryana,” Mr. Sinha said.
He claimed there was a 25% reduction in transmission and distribution losses. “Metering has prevented power theft. People must cooperate with us and pay for the power they use so that we can ensure 24×7 power,” the L-G said.
He also referred to the performance of the J&K Bank and said his administration had “successfully transformed the bank which was weighed down by debt into a profit-making financial institution.”
Turnaround after 2019
L-G Sinha said J&K has undergone a “profound transformation” since the abrogation of Article 370 in 2019. “J&K has seen remarkable growth in tourism, significant improvements in electricity infrastructure, and a turnaround in the financial health of J&K Bank. These changes reflect a broader, positive shift across various sectors and underscore a period of substantial progress and development for J&K,” he added.
Meanwhile, the L-G flagged off a Tiranga Yatra in Srinagar on Monday. It was attended by public representatives, officials, and thousands of citizens. It started at the International Convention Centre and made its way to Botanical Garden in Srinagar. “Bring home the national flag and hoist it with pride and honour. Be a part of the Har Ghar Tiranga campaign. The campaign is an embodiment of our collective commitment to nation-building and creates personal connection with the Tiranga,” Mr. Sinha said.
Over the last two years, people across the UT, have embraced the Har Ghar Tiranga Campaign and infused it with their warmth and support, he added.
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