Economic relief package of Rs 1,350 crore announced today for J&K

Srinagar: The Lieutenant Governor Manoj Sinha announced an economic relief package of Rs 1,350 crore today for Jammu and Kashmir’s fragile business sector hit hard due coronavirus lockdown.

The business sector will get a discount of 50% in water and electricity bills for a year on fixed demand charges for industrial and commercial consumers. It covers all the small and medium enterprises, tourism industry, among other sectors.

Lieutenant Governor Manoj Sinha took oath last month as the union territory’s L-G.

He added, ‘we have approved an economic package of Rs 1,350 crores for Jammu and Kashmir business sector under Atmanirbhar Abhiyan initiative earlier announced by Prime Minister Narendra Modi’. Manoj Sinha also stressed that stamp duty is exempted till March 2021 for all borrowers.

After economic package, a new industrial policy will be announced soon to revive the industrial sector and grow the economy of the state which suffered huge losses after J&K’s special status under Article 370 was scrapped last year on August 5, the LG, said.

The panel will also be set to plan out the economic revival of the union territory and extending support to its business community as announced by the LG last month.

LG Sinha said, ‘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’. ‘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’, added LG.

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