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A significant reduction package deal of Rs 1,350 crore was introduced this afternoon for Jammu and Kashmir’s ailing enterprise sector – hit onerous by the novel coronavirus outbreak – by Lieutenant Governor Manoj Sinha, who took oath final month because the union territory’s L-G. A reduction of 50 per cent in water and electrical energy payments for folks in J&Ok is without doubt one of the key highlights of as we speak’s bulletins that cowl small and medium enterprises, tourism trade, amongst different sectors.
“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 mentioned as he additional burdened that “stamp duty is exempted till March 2021 for all borrowers”.
A brand new industrial coverage will likely be introduced quickly to revive the commercial sector, which has suffered big losses since August 5 final yr when J&K’s particular standing beneath Article 370 was scrapped, the L-G instructed reporters as we speak. Last month, he had mentioned a panel will likely be set as much as work out modalities for the financial revival of the union territory and lengthening help to its enterprise group. As the committee submitted its report earlier than the deadline (September 1), Mr Sinha this afternoon mentioned: “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”.
Shedding gentle on the most recent financial package deal, he mentioned: “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.”
“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, businessman and others,” Mr Sinha mentioned.
“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. From October 1, J&K bank will start a special desk for youth and women enterprises,” Mr Sinha added.
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