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J&K LG announces Rs 1,350 cr economic package: 50% discount in electricity, water bills

J&K L-G Manoj Sinha said, "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."

By: Express Web Desk | New Delhi | September 19, 2020 2:28:38 pm
J&K economic package, J&k announced economic relief, Manoj Sinha, Jammu and kashmir, J&K residents, India news, Indian expressJammu and Kashmir L-G Manoj Sinha. (ANI)

Lieutenant Governor of Jammu and Kashmir Manoj Sinha Saturday announced an economic package worth Rs 1,350 crore for the newly formed Union Territory in a bid to boost the business sector and other sectors.

Announcing the package, Sinha said, “We have approved an economic package of Rs 1,350 crore for Jammu and Kashmir. I am glad to announce this for the people in the business community facing economic difficulties. This is additional to the benefits of Atma Nirbhar Bharat and other measures taken by us to comfort the business community.”

The Lieutenant Governor also said an unprecedented interest subvention of 5 per cent will be provided to all borrowers, without any conditions. “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 and help in generating employment here.”

Sinha also announced a 50 per cent discount on water and power bills. “50 per cent discount to be given for a year in electricity and water bills. Also, stamp duty has been exempted up to March 2021 in case of all borrowers. In addition to this, we are also setting up a customised Health-Tourism scheme by J&K bank for financial assistance to people in the tourism sector with good pricing and repayment options.”

“Under the credit card scheme, we have decided to extend the maximum limit of Rs 1 lakh to Rs 2 lakh for people working in the handloom and handicraft industry. They will also be given a 7 per cent interest subvention. From October 1, J&K bank will start a special desk for youth and women enterprises,” Sinha added.

Reacting to the announcement, Jammu & Kashmir Apni Party president Altaf Bukhari said the package is way too less than the losses we have suffered. “J&K needs a bigger heart if we want to revive its economy. We have suffered a loss of not less than Rs 40,000 crore, and a Rs 1,350 crore economic package is a drop in the ocean but something is better than nothing,” ANI quoted Bukhari as saying.

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