Sitharaman lauds Omar Abdullah’s “focused resolve” in reviving J&K’s economy after tourism setback
Sitharaman credits J&K leadership for determined push to stabilise economy amid border challenges
- Finance Minister praises J&K’s economic revival efforts, cites successful turnaround of J&K Bank
New Delhi, Dec 6: Union Finance Minister Nirmala Sitharaman on Saturday publicly praised Jammu and Kashmir Chief Minister Omar Abdullah for what she described as a “focused” and “determined” effort to revive the Union Territory’s economy after a severe blow to its tourism sector. Speaking at the Hindustan Times Leadership Summit, the finance minister offered a rare acknowledgment of the UT leadership’s role in restoring financial stability at a time when Jammu and Kashmir had shown promising signs of economic renewal.
Reflecting on India’s economic landscape since 2019, Sitharaman said the country had navigated an extraordinary series of internal and external challenges. In this context, she singled out Jammu and Kashmir as a region where the Centre had invested significant effort, conducting a detailed, ground-level assessment of its financial ecosystem. Without directly naming Pakistan, she referred to long-standing tensions along the borders and the disruptive role of both “state and non-state actors,” noting how these factors historically impacted Jammu and Kashmir’s economic progress.
Sitharaman said that under Central rule, Jammu and Kashmir’s economy had begun showing strong signs of recovery. “The Centre went into the granular details of J&K’s economy, removing the undergrowth, pushing it forward and making it buoyant,” she said. She pointed to the turnaround of the Jammu and Kashmir Bank as a notable example of this revival, calling its restoration “something the whole country can be proud of.”
However, the finance minister acknowledged that just as the UT’s economy was gaining momentum, it suffered a major setback when the tourism industry — central to J&K’s income and livelihoods — came to a sudden halt following the April 22 attack in Pahalgam, where Pakistani terrorists killed 26 people, most of them tourists. Tourism, she noted, has been the lifeline for thousands of families and businesses across the region.
Sitharaman credited Omar Abdullah for responding promptly and constructively to the crisis. “I must appreciate the chief minister of J&K,” she said, revealing that Abdullah met her twice with detailed plans aimed at stabilising and reviving the economy after the severe disruption to the tourism sector. She described his approach as “focused” and “determined,” highlighting his emphasis on restoring confidence, supporting affected sectors and preventing long-term damage to the UT’s economic recovery.
In response to a broader question on the resilience of the Indian economy amid global turbulence, Sitharaman used the example of Jammu and Kashmir to illustrate how targeted interventions, strong leadership and coordinated efforts between the Centre and the UT can help economies withstand shocks.
