Lieutenant Governor Manoj Sinha announced significant economic relief this afternoon.
Srinagar:
An economic aid package of Rs 1,350 crore was announced this afternoon for Jammu and Kashmir’s ailing business sector, severely affected by the prolonged Covid lockdown and outbreak, by Lieutenant Governor Manoj Sinha, who was sworn in last month as LG of the union territory. A 50 percent discount for J&K people on water and electricity bills for one year is one of the key points of today’s announcements, which cover small and medium-sized businesses, the tourism industry, among other sectors.
“We have approved a Rs 1,350 crore economic package for the struggling business community of Jammu and Kashmir. This is in addition to the benefits of the Atmanirbhar Abhiyan, previously announced by Prime Minister Narendra Modi,” said Sinha, who further emphasized that ” stamp duty is exempt until March 2021 for all borrowers. “
A new industrial policy will be announced soon to revive the industrial sector, which has suffered huge losses since Aug. 5 last year, when J & K’s special status under section 370 was removed, LG told reporters today.
Last month, he had said that a panel will be established to develop modalities for the economic reactivation of the union territory and to extend support to its business community. Praising the commission, which presented its report before the deadline (September 1), Mr. Sinha said this afternoon: “This is the first time here in so many years that a commission has presented the report within the prescribed deadline, That was 12 days.. “
Shining light on the latest economic package, he said: “We have decided to award a 5% interest subsidy to all borrowers in the business community, without any conditions, for six months in the current financial year. This will be a great relief. for them and will help generate employment here. “
“For one year, we will give a 50 percent concession on water and electricity bills. We will spend 105 million rupees on this. This will benefit farmers, ordinary people, businessmen and others,” Sinha said.
“Under the credit card scheme, we have decided to extend the maximum limit from 1 lakh rupee to 2 lakh rupee for people working in the handloom and handicraft industry. They will also be awarded an interest grant from the 7%. Starting on October 1, J&K bank will start a special desk for youth and women’s companies, “added LG.
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