After 7 years in Delhi, J&K’s Budget finds its way home

Srinagar, Mar 6: All eyes are on the Jammu and Kashmir Budget 2025-26, which will mark a significant milestone as the first budget to be presented by an elected government in 7 years.

The budget, expected to exceed last year’s projection of Rs 1,18,390 crore (which was Rs 30,889 crore higher than the 2023-24 expenditure), will be presented on March 7 by Chief Minister Omar Abdullah, who also holds the Finance portfolio.

This budget presentation represents a convergence of several historic firsts.

Not only is it the first budget to be presented in J&K’s status as a Union Territory, but it also marks the first time a member of the Abdullah family will handle the region’s finances.

Neither Sheikh Muhammad Abdullah, Omar’s grandfather, nor his father Farooq Abdullah presented budgets during their tenures as heads of the erstwhile J&K state.

The presentation brings to an end Union Finance Minister Nirmala Sitharaman’s streak of presenting six consecutive budgets for J&K in Parliament since the region’s reorganisation into a Union Territory in August 2019.

Her final budget for J&K was presented on July 23, 2024, for the fiscal year 2024-25.

Interestingly, Sitharaman’s run parallels that of former finance minister Abdul Rahim Rather, who also presented six consecutive budgets.

Rather's legacy extends further, having presented a total of 14 budgets spanning from 1983 to 2017, including two occasions of vote on account.

According to the tentative calendar issued by the Legislative Assembly Secretariat, the budget session that commenced on March 3 will continue for 40 days, concluding on April 11.

The session includes 22 sittings, beginning with the Lieutenant Governor’s Address to the House on March 3, followed by three days of discussions through March 4, 5, and 6, culminating in the CM’s reply.

The main event – the presentation of the annual financial statement of expenditure for 2025-26 and the supplementary statement of expenditure for 2024-25 – is scheduled for March 7.

General discussions on the budget will follow on March 8, 10, and 11, with the CM delivering his concluding reply on March 11.

This year’s budget carries additional significance as Kashmir’s business community, including organisations like the Kashmir Chamber of Commerce and Industry (KCCI) and Federation of Chambers of Industries Kashmir (FCIK), along with other business chambers and associations, submitted their wish lists outlining priorities they hope to see addressed in the budget.

The return of an elected government handling J&K’s finances marks a pivotal moment for the region’s governance and economic planning after years of direct central administration.