Millennium Post

J&K’s financial status is grim, says chief minister

Asserting that Jammu and Kashmir has a total annual income of only Rs 6,500 crore from all sources, chief minister Omar Abdullah on Sunday said the present fiscal status of the state is grim.

‘The present financial status of the state is grim. We have a total annual income of only Rs 6,500 crore from all sources,’ Omar said while addressing a public gathering after laying the foundation stone of Rs 3,113 crore Baglihar-II project at Chanderkote in Ramban district.

‘While we have to pay Rs 13,500 crore as salaries and Rs 2,000 crore to pensioners, our electricity loss amounts to another Rs 2,000 crore annually,’ he said.

‘In this situation, we have to remain totally dependent on central assistance,’ he said, thanking the UPA government at the Centre for extending help to the state.

If there is a government at the Centre which is unfriendly towards Jammu and Kashmir, the state would be in deep trouble, he said.

‘In order to safeguard the economy and financial position of state, we have to focus on harnessing hydroelectric potential of our rivers,’ he said.

Meanwhile, Omar Abdullah on Sunday dismissed all speculation on early Assembly elections in the state saying that the National Conference-Congress coalition government would complete its full tenure of six years before going in for polls.

‘All speculation regarding early Assembly elections are false. People have voted NC-Congress coalition government to power and it will complete its full term of six years,’ Omar told a large gathering at a ceremony to lay the foundation stone of the Rs. 3,113 crore Baglihar-II project.


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