Rs 1,350 cr package to revive economy in J-K

Tribune News Service

Srinagar, September 19

Sensing the difficulties of the business community, the Jammu and Kashmir Government has announced Rs 1,350 crore relief package and interest subsidy to help them to offset losses.

Announcing the package on Saturday, J&K’s Lieutenant Governor Manoj Sinha said it was just a “beginning and much more was in offing”.

Sinha said a committee was formed to suggest a package for the economic revival of J&K. “The committee recommended an economic package of Rs 1,350 crore. I am glad to announce the package today. The package is over and above benefits of Aatma Nirbhar Bharat,’’ he said at a press conference.

A report released last month by a Valley-based traders’ body said the successive lockdowns had since August last year dented Kashmir region’s economy by over Rs 45,000 crore.

The Lt Gov said many unprecedented decisions had been taken in the economic package. “We have decided to give 5 per cent interest subvention to every borrower from business community for six months. It is unprecedented and will help in generating employment. The government is putting Rs 950 crore for this,” Sinha said.

The Lt Governor also announced that stamp duty had been exempted up to March 2021 in case of all borrowers.

“There is an important component in this package. There is 50 per cent concession in electricity and water bills and the government was putting Rs 105 crore in this,” he said.

The Lt Gov said a new industrial policy will be announced soon to revive the industrial sector and they have already created a huge land bank that will be helpful in managing the quick rollout of the new policy.