Straight Line News Network
Jammu, Sep 19: Lieutenant Governor Manoj Sinha announced a major relief package of Rs 1,350 crore this afternoon for Jammu and Kashmir’s business sector.
What does the package include?
J&K government had constituted a committee for relief and revival of business sector of Jammu and Kashmir. As the committee submitted its report before the deadline (September 1), Mr Sinha this afternoon said: “This is for the first time here in so many years that a committee has submitted the report in the given time frame which was 12 days”. Here are some of the major announcements made today:
50% discount in electricity, water Bill for one year
A discount of 50 percent in water and electricity bills for people in J&K is one of the key highlights of today’s announcements that cover small and medium enterprises, tourism industry, among other sectors. “For one year, we will be giving a 50 per cent concession in water and electricity bills. We will be spending Rs 105 crore on this. This will benefit farmers, normal people, businessmen and others,” Mr Sinha said.
Economic package worth Rs 1350 Cr
“We have approved an economic package of Rs 1,350 crore for Jammu and Kashmir’s struggling business community. This is additional to the benefits of the Atmanirbhar Abhiyan, earlier announced by Prime Minister Narendra Modi,” Mr Sinha said.
New Industrial Policy
A new industrial policy will be announced soon to revive the industrial sector, which has suffered huge losses since August 5 last year when J&K’s special status under Article 370 was scrapped, the L-G told reporters today. Last month, he had said a panel will be set up to work out modalities for the economic revival of the union territory and extending support to its business community.
Interest subvention
Shedding light on the latest economic package, he said: “We have decided to give 5 per cent interest subvention to every borrower from the business community, without any conditions, for six months in the current financial year. This will be a huge relief for them and will help in generating employment here.” “Under credit card scheme, we have decided to extend maximum limit of Rs 1 lakh to Rs 2 lakh for people working in handloom and handicraft industry. They will also be given 7 per cent interest subvention,” Mr Sinha added.
Additional benefits
Lt Governor further stressed that “stamp duty is exempted till March 2021 for all borrowers” and “From October 1, J&K bank will start a special desk for youth and women enterprises.”
