Jammu, Feb. 6 -- Chief Minister Omar Abdullah today said that the Jammu and Kashmir's fiscal stress stems from high committed expenditure and limited own-revenue capacity.
"Own tax and non-tax revenues cover only 25 percent of our budgetary needs. The geographical difficulties, structural constraints and inefficiencies-especially in the power sector-further accentuate this stress and lead to reliance on central support," Abdullah said while presenting his second budget of the UT of Jammu and Kashmir in the Legislative Assembly.
To address this, he said that "my government has pursued fiscal reforms to enhance revenues, rationalize spending and improve fiscal transparency.""We are building a business-friendly ecosystem that invites innovat...