Jammu, Feb 6 (PTI) Jammu and Kashmir Chief Minister Omar Abdullah on Friday started the budget presentation in the assembly by reciting the “Safar taveel hai…” couplet to imply that despite challenges, the journey of development will continue.
Wearing a brick-red coat and cream-coloured pants with a cap, Abdullah, who also holds the finance portfolio, carried the budget documents in a leather bag to the House. He was flanked by his advisor Nasir Aslam Wani and Chief Secretary Atal Dulloo.
Opening his speech, the chief minister recited the couplet, “Safar taveel hai, bojh bhi bhaari hai, par har surat yeh safar jaari hai.” Later, explaining the significance of the couplet during the post-budget press conference, Abdullah said, “The path is long and the burden is heavy, but the journey will continue.” Presenting his second budget, Abdullah said it was a privilege to shape the financial future of Jammu and Kashmir and described the document as a roadmap for sustained economic growth, social harmony and long-term prosperity.
“This budget is not merely a ledger of figures, it is a fiscal compass charting our path towards a brighter horizon,” he said, urging members of the House to work collectively for building a strong and flourishing Jammu and Kashmir.
Highlighting the resilience of the people, Abdullah said the government was committed to transforming Jammu and Kashmir into a modern, progressive and economically vibrant region by promoting a business-friendly ecosystem that encourages innovation and investment.
He said the budget was prepared after consultations with elected representatives, industry leaders and other stakeholders to ensure a people-centric approach and participatory governance.
Abdullah further said it seeks to address these challenges through reforms, with a focus on inclusive and sustainable growth backed by prudent fiscal management and strategic investments in infrastructure, public services and governance.
He said Jammu and Kashmir continues to face fiscal stress due to high committed expenditure and limited own-revenue capacity, with tax and non-tax revenues meeting only about 25 per cent of budgetary needs.
Salaries, pensions and debt servicing account for nearly 60 per cent of the overall outlay, he said, adding that the government was taking steps to rationalise spending and improve fiscal transparency.
Outlining revenue proposals for 2026-27, Abdullah said the government aims to expand social security measures while boosting competitiveness and infrastructure development.
He proposed reducing rebate on high-speed diesel (HSD) by Rs 2 per litre, saying the move would rationalise prices and promote a shift towards cleaner technologies while keeping diesel prices lower than neighbouring states.
The chief minister said the budget focuses on strengthening welfare measures, enhancing productivity and creating opportunities for youth and women while ensuring fiscal prudence. PTI AB PRK PRK
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