Says J&K Bank emerges as Rs 1300 Cr profit institution, profit set to touch Rs 1800 Cr this year; J&K’s revenue expenditure Rs 80,000 Cr, Capital expenditure takes quantum jump, reaches Rs 38000 Crore


Jammu, Feb 11 (KNO):

Jammu and Kashmir’s Lieutenant Governor Manoj Sinha Sunday said that the reforms done in the last four to five years have resulted in the growth of J&K’s GDP from Rs 1.6 lakh crore in 2018-19 to Rs 2.64 lakh crore in 2021-22.

“The reforms done in the last four to five years have resulted in efficient growth. J&K is on the path of good governance, development and peace,” he said as per news agency—Kashmir News Observer (KNO).

To another query about reservation to SC’s, he said that some people will continue to do politics over the issue the way they did on the issue of providing land to landless. “Let them continue their job, we will do ours,” he said.

The LG said that J&K Bank that was a RS 1200 loss institution is now flourishing with RS 1300 Cr profit institution. “This year, we hope to see J&K Bank’s profit touching Rs 1800 Crore,” he said.

He said the present administration has inherited to re-pay the huge power debts worth Rs 28000 Crore.

About the recent vote on the account budget presented in the parliament for J&K recently, the LG said that the economic condition of the UT is much better than what it was earlier. “J&K administration’s efforts have been to increase capital expenditure and decrease revenue expenditure,” he said as per KNO.

The LG said that revenue expenditure of J&K is Rs 80,000 Crore as a vast portion goes into salaries of employees while capital expenditure has recorded a quantum jump of Rs 38000 Crore from Rs 11000 Crore. On a query, about shifting of the office United Nations Military Observers Group of India and Pakistan (UNMOGIP) located in Srinagar, the issue “will be looked into.”

The LG stated this in reply to the query that now that J&K has been fully integrated into the Union of India while as there is zero tolerance against terrorism and Indian flag runs high across Kashmir, the UN office in Sonwar area of Srinagar continues to operate as whether there are plans to shift the same. “Now that the question has been asked, we will look into the issue….,” the LG said—(KNO)


Shaharbeen News Service Kashmir is a news service which covers, gathers, writes, and distributes news to newspapers, periodicals, radio and television broadcasters, government agencies, and other users. We at SNS Kashmir believe in fair and independent journalism to inform our masses or subscribers and readers about the happenings around the world. The prime focus of the news gathering and reporting is focused on Jammu and Kashmir state.

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