J&K liabilities touch Rs 1.37 lakh crore in 2024-25: Economic Survey

Srinagar, Feb 05: The total liabilities of Jammu and Kashmir have risen to Rs 1,37,067 crore in 2024-25 (pre-actual), with the Union Territory’s debt burden estimated at 52 per cent of its Gross State Domestic Product (GSDP), according to official finance data on the trend of outstanding on-budget debt since 2013-14.

The data show a steady rise in liabilities over the past decade, from Rs 44,662 crore in 2013-14 to Rs 1.25 lakh crore in 2023-24 and further to Rs 1.37 lakh crore in 2024-25. Over the same period, J&K’s GSDP at current prices expanded from Rs 95,621 crore to Rs 2,62,358 crore, which helped in moderating the liabilities-to-GSDP ratio.

In 2024-25, internal debt amounts to Rs 93,681 crore, forming the largest component of total liabilities. Loans and advances from the Central Government have declined sharply to Rs 589 crore, taking the total public debt to Rs 94,270 crore. Other liabilities include insurance and pension fund liabilities of Rs 1,400 crore, provident fund liabilities of Rs 26,430 crore, and other obligations amounting to Rs 14,967 crore.

The liabilities-to-GSDP ratio, which remained below 50 per cent between 2013-14 and 2018-19, rose to a peak of 59 per cent in 2020-21 before easing to 52 per cent in 2024-25, indicating a relative stabilisation of the debt position in recent years.

Official figures further indicate that internal debt now accounts for nearly 68 per cent of total liabilities, while the share of central loans has fallen to less than one per cent, reflecting a shift in the composition of debt.

The statement also clarifies that outstanding debt figures from 2019-20 onwards include balances as of October 30, 2019, which are yet to be apportioned and have been retained in the Union Territory of Jammu and Kashmir.