The economy of Jammu and Kashmir is witnessing an undeniable upward trend. More and more jobs are being created. The horticulture sector is maintaining steady growth. Religious tourism in Jammu and the general line leisure tourism in Kashmir valley is maintaining steady growth. As per the figures, the GDP of Jammu and Kashmir is progressing at a better pace than the average growth of national GDP.
As per the figures released at the end of the financial year March 2023, the GDP of the union territory of Jammu and Kashmir is on the right curve. 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. These figures are heartening. This reflects the efforts put in by the Lieutenant Governor Manoj Sinha in improving the economy. Manoj Sinha has put in tremendous efforts to this end and the efforts are now bearing fruit.
The same reports suggest that the GSDP of Jammu and Kashmir is likely to double in the next five years with an emphasis on industries, agriculture, horticulture, tourism and the services sector. One is inclined to think that this progress in the economy is on account of the ripple effect generated through improvement in the economies of states like Haryana and Uttar Pradesh. The states like Uttar Pradesh are witnessing an economic upward mobility which means a lot of tourists are flocking to Kashmir from the not-so-distant state – these tourists do not have to spend much on buying tickets so they have the potential to spend more on their arrival to Kashmir.
The rail connection of Kashmir with Jammu is another contributing factor to this end. The rail connectivity means more and more tourists are coming to Kashmir meaning a substantial increase in the percentage of GDP contribution from the tourism sector.
The year 2024 looks like a great year for the economy of Jammu and Kashmir. Touchwood, we can double our GSDP within the next few years.
