Additional financial package of Rs 1,350 crore announced for J-K

Majid Jahangir

Tribune News Service

Srinagar, September 19

Lieutenant Governor Manoj Sinha on Saturday announced Rs 1,350 crore economic package for the business community grappling with economic crisis arising out of covid pandemic. The package is over and above the benefits of Aatam Nirbhar Bharat announced by Prime Minister Narendra Modi.

Announcing the package during a press conference in Srinagar Sinha said many innovative decisions have been taken in the package. “We have decided to give 5% interest subvention to every borrower from business community at every level for six months. It is unprecedented and there will be no discriminatory criteria. The government is putting Rs 950 crore for this,” Sinha said. “There is an important component in this package and there is 50% concession in electricity and water bills and the government is putting Rs 105 crore in this,’’ he added.

The Lt Governor also announced that stamp duty has been exempted up to March 2021 in the case of all borrowers. He said they have already created a huge land bank that will be helpful in managing the quick rollout of new industrial policy.  Sinha said the Government of India has prepared the new industrial policy for J&K and it would benefit the investors massively.

“I believe that every announcement we make should be implemented with quality. I will ensure the announcements are implemented on the ground. I will ensure quality execution of all these schemes," J&K LG said, adding this is just a beginning and much more is in the offing.

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