Lieutenant Governor Manoj Sinha on Saturday announced an economic package of Rs 1350 crore for the residents of Jammu and Kashmir in a bid to assist the business community and other sectors facing economic difficulties for several years in the newly formed Union Territory. The measures taken by the Government to comfort the business community will also help in generating employment, said Lt. Governor.

 

While addressing a press conference at Raja Bhawan, LG Sinha said, “this was just a beginning, and much more was in the offing.” He also lauded the committee for submitting the report in a given time frame. “I am glad to announce a Rs. 1350 economic package for the people in the business community facing economic difficulties.”

Giving more information about the package, the J&K LG said that it will also cover those sectors that have suffered losses in the newly created UT in addition to the ailing business sector.

 

Sinha said that this is additional to the benefits of Atma Nirbhar Bharat and other measures taken by the government to comfort the business community. "We have decided to give 5% 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 and help in generating employment here," he said.

 

Sinha further stated, “I also want to highlight that this is for the first time here in so many years that the Committee has submitted the report in the given time frame which was 12 days.”

 

 

 

Under the credit card scheme, LG Sinha said that the government has decided “to extend the maximum limit of Rs 1 lac to Rs 2 lac” for people working in the handloom and handicraft industry. “They will also be given 7% interest subvention. From Oct 1, J&K bank will start a special desk for youth & women enterprises", he added.

 

The LG further announced that 50 percent discount will be given for a year in electricity and water bills. Stamp duty exempted up to March 2021 in the case of all borrowers. The government is setting up a customised Health-Tourism scheme through J&K bank for financial assistance to people in the tourism sector with good pricing and repayment options, said Sinha.

 

Notably, this package was announced just days after Kashmir Trade Alliance (KTA), an umbrella of various trade bodies had earlier stated that due to coronavirus pandemic lockdown businessmen have incurred huge losses.