Jammu & Kashmir State Budget 2023-24 Analysis
Revised EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Jammu & Kashmir FY 2023-24
Jammu & Kashmir State Budget 2023-24 Budget at a Glance
Total Receipts
Rs 68,200 crore
+6.2%
Total Expenditure
Rs 84,700 crore
-5.9%
Fiscal Deficit
4.2%
Rs 10,100 crore
Capital Expenditure
Rs 13,500 crore
-10.0%
Tax Revenue
Rs 12,500 crore
+5.9%
Interest Payments
Rs 9,900 crore
12% of expenditure
Jammu & Kashmir Revenue Receipts 2023-24
Own tax revenue vs non-tax revenue breakdown
Jammu & Kashmir Expenditure Breakdown 2023-24
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP â Jammu & Kashmir 2023-24
The fiscal deficit for Jammu & Kashmir in 2023-24 is 4.2% of GSDP (Rs 10,100 crore), reflecting the state's borrowing needs to fund development programmes.
States are expected to maintain fiscal deficit within 3% of GSDP as per the FRBM Act. Jammu & Kashmir's deficit is above this threshold, driven by higher capital spending needs.
Interest payments at Rs 9,900 crore consume 11.7% of total expenditure.
Jammu & Kashmir State Budget 2023-24 â Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 84,700 crore | 100% |
| 1. Revenue Receipts | Rs 68,200 crore | 80.5% |
| a. Own Tax Revenue | Rs 12,500 crore | 14.8% |
| b. Non-Tax Revenue | Rs 5,700 crore | 6.7% |
| B. Total Expenditure | Rs 84,700 crore | 100% |
| 1. Revenue Expenditure | Rs 64,500 crore | 76.2% |
| 2. Capital Expenditure | Rs 13,500 crore | 15.9% |
| of which: Interest Payments | Rs 9,900 crore | 11.7% |
| C. Fiscal Deficit | Rs 10,100 crore | 4.2% of GSDP |
Source: Jammu & Kashmir State Budget Documents via PRS India. All figures in Indian Rupees.
Jammu & Kashmir Department-wise Expenditure 2023-24
Top departments by allocation in Jammu & Kashmir for 2023-24
| Department â | Revenue â | Capital â | Total â | Share |
|---|---|---|---|---|
1. Education | Rs 10,200 crore | Rs 850 crore | Rs 11,050 crore | 13.0% |
2. Police & Home Affairs | Rs 7,200 crore | Rs 700 crore | Rs 7,900 crore | 9.3% |
3. Rural Development & Panchayati Raj | Rs 4,800 crore | Rs 1,500 crore | Rs 6,300 crore | 7.4% |
4. Public Works & Roads | Rs 2,500 crore | Rs 3,800 crore | Rs 6,300 crore | 7.4% |
5. Energy & Power | Rs 3,800 crore | Rs 1,700 crore | Rs 5,500 crore | 6.5% |
6. Health & Family Welfare | Rs 4,000 crore | Rs 1,000 crore | Rs 5,000 crore | 5.9% |
7. Agriculture & Allied | Rs 2,700 crore | Rs 750 crore | Rs 3,450 crore | 4.1% |
8. Water Supply & Jal Jeevan | Rs 1,050 crore | Rs 2,100 crore | Rs 3,150 crore | 3.7% |
9. Social Welfare | Rs 2,800 crore | Rs 350 crore | Rs 3,150 crore | 3.7% |
10. Urban Development & Housing | Rs 2,100 crore | Rs 1,000 crore | Rs 3,100 crore | 3.7% |
Jammu & Kashmir Budget 2023-24 Analysis & Highlights
Key Highlights
- Revised expenditure at Rs 84,700 crore amid continued post-Article 370 restructuring
- Revenue receipts at Rs 68,200 crore with own tax at Rs 12,500 crore
- Revenue surplus of Rs 3,700 crore maintained through central grant support
- Fiscal deficit at 4.2% of GSDP (Rs 10,100 crore), elevated but stable
- Capital expenditure at Rs 13,500 crore for roads, tunnels, and border infrastructure
- USBRL railway project and Zojila tunnel construction as marquee projects
- Tourism achieved strong recovery with near-normal footfall
- Debt-to-GSDP at 51.0% â exceeding 50% threshold, highest in recent years
- Interest payments at Rs 9,900 crore â heavy burden on UT finances
- Market borrowings of Rs 16,100 crore to fund deficit and debt rollover
- Apple season performed well with good production and market prices
- GSDP at Rs 2,40,000 crore reflecting gradual economic normalisation
Compare Jammu & Kashmir Budget â Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
|---|---|---|---|---|---|
| Total Expenditure | â | â | â | Rs 90,000 crore | Rs 84,700 crore |
| Revenue Receipts | â | â | â | Rs 64,200 crore | Rs 68,200 crore |
| Capital Expenditure | â | â | â | Rs 15,000 crore | Rs 13,500 crore |
| Fiscal Deficit (% GSDP) | â | â | â | 4.1% | 4.2% |
| Own Tax Revenue | â | â | â | Rs 11,800 crore | Rs 12,500 crore |
Columns showing "â" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Jammu & Kashmir State Budget 2023-24
The Jammu & Kashmir state budget is the annual financial plan presented in the state legislature. It covers all revenue receipts, expenditure allocations across departments, and fiscal deficit management. State budgets are critical because states handle key development areas including education, health, agriculture, and infrastructure.
Jammu & Kashmir Revenue Sources
State revenue comes from three sources: own tax revenue (state GST, stamp duty, excise, vehicle tax), non-tax revenue (fees, fines, interest), and transfers from the Centre (share of central taxes as per Finance Commission recommendations, plus grants-in-aid for specific schemes).
Fiscal Deficit and State Borrowing
Under the FRBM framework, states target a fiscal deficit of 3% of GSDP. States can borrow from the market via State Development Loans (SDLs), and the central government also provides loans. The RBI manages the borrowing calendar for states to ensure orderly market conditions.
Explore More
Compare Jammu & Kashmir with other states
Side-by-side comparison of fiscal metrics across Indian states