J&K LG announces economic package worth Rs 8,750 cr for business community
Lieutenant Governor Manoj Sinha on Saturday announced a relief package of Rs 1350 crore for Jammu and Kashmir in a bid to boost the business and the other ailing sectors that have suffered huge losses for several years in the newly formed Union Territory (UT). LG 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.
Under credit card scheme, LG Sinha said that the government has 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% interest subvention. From Oct 1, J&K bank will start a special desk for youth & women enterprises."
He further informed that 50 per cent discount will be given for a year in electricity and water bills.
" 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. The stamp duty has also been exempted up to March 2021 in the case of all borrowers. The focus is also on setting up customised Health-Tourism scheme by Jammu and Kashmir Bank for financial assistance to people in the tourism sector with good pricing and repayment options," he said while addressing a press conference in Raj Bhawan.
Notably, this package was announced just days after Kashmir Trade Alliance (KTA), an umbrella of various trade bodies, stated that due to coronavirus pandemic lockdown businessmen have incurred huge losses.
