J&K’s GSDP likely to double in next five years: Economic Survey

Jammu and Kashmir’s GSDP is likely to double in the next five years with an emphasis on industries, agriculture, horticulture, tourism and the service sector, the Economic Survey 2022-23 of the Union Territory stated.

Jammu and Kashmir's GSDP is likely to double in the next five years with an emphasis on industries, agriculture, horticulture, tourism and the service sector, the Economic Survey 2022-23 of the Union Territory stated.

The Economic Survey, which is a document presenting an elaborate picture of the economy of Jammu and Kashmir for the closing financial year, said that at current prices, the GSDP of the UT is expected to record a growth of 15% which is at par with the national level.

"The economy of Jammu and Kashmir grew faster than the national average in recent years," said the report, which was released by Chief Secretary Arun Kumar Mehta.

It added that Jammu and Kashmir is expected to grow at 8% as against 7% at national level during 2022-23 at constant prices The UT's revenue performance (tax plus non-tax) is also expected to double during the current year, the report said.

Mr. Mehta observed that the document is vital in gauging the progress made by the Union Territory (UT).

The survey also applauded the time-bound policies, action plans and development strategies being implemented to carry forward and sustain the positive environment and momentum of economic development.

Besides the document brings forth the unique reformative initiatives like district good governance index, aspirational blocks development programme, aspirational panchayat development programme, and aspirational towns programme rolled out first time in the country, the report noted.