Omar meets Sitharaman; seeks support for more central assistance, multi-lateral funding

15 November 2024

NEW DELHI: Chief Minister of Jammu and Kashmir, Omar Abdullah, today met Union Minister of Finance and Corporate Affairs Nirmala Sitharaman in New Delhi to discuss key financial matters concerning Jammu and Kashmir.

Taking to microblogging site X, Nirmala Sitharaman’s office shared: “Shri Omar Abdullah (@OmarAbdullah), Hon’ble Chief Minister of Jammu & Kashmir, calls on Smt @nsitharaman.” Chief Minister Omar Abdullah shared on Instagram- “Called on Union Minister of Finance and Corporate Affairs, smt.@nsitharaman ji. Our discussion centred around crucial economic matters concerning Jammu and Kashmir. I passionately advocated for much-needed support from the Union Finance Ministry for the region.”

Chief Minister Omar Abdullah expressed optimism that collaborative efforts with the central government would enhance financial stability and promote sustainable development in Jammu and Kashmir.
Chief Minister sought support of the Union Finance Minister to avail the multi-lateral funding for development of new Tourism destinations in Jammu & Kashmir, aimed to decongest the existing locations and to create well-planned and world-class infrastructure at these new identified locations.

CM thanked Ministry of Finance for approving the Competitiveness Improvement of Agriculture & Allied Sectors Project (JKCIP) for Jammu & Kashmir to rejuvenate agriculture sector which entails financing of 100 million USD through International Fund for Agriculture Development (IFAD) over the next 7 years.
In this regard CM requested Ministry of Finance to treat J&K at par with North Eastern States for availing incentives in respect of Externally Aided Project (EAP) loans and making J&K eligible for special lending arrangement under the EAP loans.
He requested the Finance Minister to consider Jammu & Kashmir for funding through the “Special Assistance to States for Capital Investment” scheme under which 50-year interest free loan would be provided to states for capital expenditure.

CM also informed the Finance Minister about the difficult fiscal situation being faced by J&K and requested the Ministry to provide additional central assistance of Rs 6000 crore to bridge the resource gap in the UT budget for FY 2024-25. Over the past few days, Chief Minister Omar Abdullah has held several important meetings with senior leaders and officials of the Government of India to address critical issues affecting Jammu and Kashmir.

Chief Minister during his current visit called on President of India Droupadi Murmu, Vice-President Jagdeep Dhankar and attended Power Ministers’ conference chaired by Union Minister of Power to discuss J&K’s priorities and challenges in the power sector.
These recent dialogues, culminating in today’s meeting with the Finance Minister, reinforces the commitment to advancing the welfare and development of the people of Jammu and Kashmir.
During his stay in New Delhi, Chief Minister Omar Abdullah also held a series of meetings at his official residence with Government of India officials and industry leaders to explore opportunities for collaboration and development. Among those he met were Arjun Dhawan, Executive Vice Chairman of Hindustan Construction Company Limited, who discussed infrastructure development projects in Jammu and Kashmir; Abhijit Basu, Founder and CEO of Smartex Cognitive Pvt Ltd, XCED, APAC, CEDMA, California, USA, who shared innovative solutions in technology and smart governance; and Avinash Pawar, DM of Small Scale Industries Corporation Ltd. (NSIC) under the Ministry of Micro, Small, and Medium Enterprises (GoI).
The Chief Minister also met Aaley Mohammad Iqbal, Deputy Mayor of Delhi Municipal Corporation, to discuss pressing issues regarding the urban areas and identified common areas for collaboration.