section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Jammu and Kashmir's economy is primarily services-based and agriculture-oriented. The gross domestic product of Jammu and Kashmir was estimated at ₹ 1.76 lakh crore (equivalent to ₹ 2.1 trillion or US$25 billion in 2023) in 2020–21. In the fiscal year 2023–2024, it is expected that Jammu and Kashmir's Gross Domestic Product (GDP) will exceed Rs 2.30 lakh crore, with a growth rate of 10 per cent. Along with horticulture and agriculture, tourism is an important industry for Jammu and Kashmir, accounting for about 7% to its economy.
  
  The Kashmir Valley is known for its sericulture and cold-water fisheries. Wood from Kashmir is used to make high-quality cricket bats, popularly known as Kashmir Willow. Major agricultural exports from Jammu and Kashmir include apples, pears, cherries, plums, saffron and walnuts. The traditional Kashmiri handicrafts industry employs a large workforce of around 340 thousand artisans and has potential for producing export goods. Small-scale cottage industries include carpet weaving, silks, shawls, basketry, pottery, copper and silverware, papier-mâché and walnut wood. The horticulture sector is the next biggest source of income in the economy. The temperature of Jammu and Kashmir is also suited to floriculture and can support various species of flora.
  
  Over 500 mineral blocks are present in Jammu and Kashmir, 261 of which are in the Kashmir Division alone. Kishtwar is known as the 'land of sapphire and saffron'. Resources such as timber, herbs and medicinal shrubs, edibles such as mushroom, chilgoza, black zeera, and saffron are available in the forests. The sapphire reserve mines of Machail, Paddar are a source of mineral wealth. Jammu and Kashmir is the only administrative unit in India with a large amount of borax and sapphire resources. It possesses 36 per cent of the graphite, 21 per cent marble and 14 per cent of gypsum present in India. Coal, limestone and magnesite are found scattered among the different districts of the union territory.
  
  Other minerals of significance that occur are bauxite, ball clay and china clay in Udhampur; bentonite in Jammu; diaspore in Rajouri and Udhampur; graphite in Baramulla; lignite and marble in Kupwara; quartz and silica sand in Anantnag, Doda and Udhampur; and quartzite in Anantnag district. In addition, the Department of Geology and Mining has determined the presence of minerals such as magnetite, dolomite, fuel mineral, decorative building stones, slate, and gemstones. All are materials with commercial and industrial uses in many products and factories.
  
  In the fiscal year 2019–20, total exports from Jammu and Kashmir amounted to ₹ 188.18 million (equivalent to ₹ 220 million or US$2.6 million in 2023). The Jammu & Kashmir Bank, which is listed as a NIFTY 500 conglomerate, is based in the union territory. Jammu and Kashmir is one of the largest recipients of grants from the central government annually. According to the Sustainable Development Goals Index 2021, 10.35 per cent of the population of Jammu and Kashmir live below the national poverty line, the third-highest among union territories in the country.