J&K's government disclosed a significant debt of Rs 1.25 lakh crore, equating to 52% of the state's GSDP. This debt exceeds the state's budget and includes various loans and liabilities. The economic survey for 2024-25 reveals the extent of outstanding liabilities and fiscal challenges faced by the territory.
source https://timesofindia.indiatimes.com/india/omar-abdullah-flags-jks-debt-distress/articleshow/118809607.cms