A major relief and economic program of Rs. 1,350 crore was announced this afternoon for the struggling business sector in Jammu and Kashmir – hit hard by the prolonged Covid lockdown and the outbreak – by Lt. Governor Manoj Sinha, who was sworn in last month as LG of Union Territory. A 50% reduction for residents of J&K on water and electricity bills for one year is one of the main highlights of today’s announcements, which cover small and medium-sized businesses, industry tourism, among other sectors.
“We have approved an economic package of Rs 1,350 crore for the struggling business community of Jammu and Kashmir. This is in addition to the benefits of Atmanirbhar Abhiyan, previously announced by Prime Minister Narendra Modi,” said Sinha said, further emphasizing that “stamp duty is exempt until March 2021 for all borrowers”.
A new industrial policy will soon be announced to revive the industrial sector, which suffered huge losses since August 5 last year, when J & K’s special status under Section 370 was removed, said the LG to reporters today.
Last month, he announced that a panel would be set up to develop modalities for the economic recovery of the Union territory and extend its support to its business community. Congratulating the committee, which submitted its report before the deadline (September 1), Mr Sinha said this afternoon: “This is the first time here in so many years that a committee has submitted the report in the time limit, which was 12 days. “
Shedding light on the latest economic package, he said: “We have decided to give a 5% interest subsidy to every borrower in the business world, without any strings attached, for six months during the fiscal year. In progress. It will be a huge relief for and help create jobs here. “
“For one year we will give a 50 percent concession on water and electricity bills. We will spend 105 crore rupees on it. It will benefit farmers, normal people, businessmen and people. ‘others,’ Sinha said.
“As part of the credit card system, we have decided to extend the maximum limit from Rs 1 lakh to Rs 2 lakh for people working in the handloom and craft industry. They will also receive a 7% interest subsidy. From October 1, J&K Bank will launch a special office for young people and women businesses, ”LG added.