Srinagar, Mar 06 (KNO): Jammu and Kashmir’s economy is projected to grow at 7.06 per cent in 2025, marking a slight decline from 7.08 per cent in 2024 and a more noticeable slowdown from 9.31 per cent in 2023, according to official estimates.
According to an official document obtained by the news agency—Kashmir News Observer (KNO), the Nominal Gross State Domestic Product (GSDP)—which includes inflationary effects—is expected to reach rupees 2.65 lakh crore in 2025, an 11.19 increase from Rs 2.38 lakh crore in 2024. The Real GSDP—which accounts for inflation—will rise to Rs 1.44 lakh crore in 2025, compared to Rs 1.35 lakh crore in 2024.
J&K’s economy showed a strong recovery in 2023, growing at 9.31 per cent, driven by post-pandemic economic activity, infrastructure projects, and investment inflows, data shows. However, in 2024, the growth rate dropped to 7.08 per cent, and the latest projections for 2025 indicate a further marginal dip to 7.06 per cent.
The economy is projected to grow steadily in 2025, with the Nominal Gross State Domestic Product (GSDP) expected to reach Rs 2,65,389 crore, which reflects an 11.19 per cent increase from the previous year.
The Real GSDP (adjusted for inflation) is estimated at Rs 1,44,614 crore, marking a growth rate of 7.06 per cent in 2024-25, according to advance estimates.
The UT's economy remains reliant on agriculture, horticulture, traditional handicrafts and a growing tourism industry.
Government initiatives focused on infrastructure, investment promotion and business facilitation have played a crucial role in maintaining positive growth, it added—(KNO)