J&K LG Sinha unveils Rs 1,350 crore package to support business sector in UT
To boost economy and development, the Jammu and Kashmir administration has taken several initiatives, including support to the business sector in the Union Territory.
In a major development, Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday unveiled an economic package of Rs 1350 crore to revive ailing business sector in the region.
“I am glad to announce a Rs 1,350 crores economic package 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,” Lieutenant Governor Sinha said while addressing a press conference.
He said to boost the handloom and handicraft sector, the maximum limit will be extended from Rs 1 lakh to Rs 2 lakh under credit card scheme for people employed in handloom and handicraft industry. The Jammu and Kashmir administration has also decided to give 7 percent interest subvention.
"We have decided to give 5 percent 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 added.
The Lieutenant Governor also informed the media that Jammu and Kashmir bank will start a special desk for youth and women enterprises from October 1.
He further informed that as much as “50 percent discount to be given for a year in electricity and water bills. Stamp duty exempted up to March 2021 in case of all borrowers. Setting up customized Health-Tourism scheme by Jammu and Kashmir bank for financial assistance to people in tourism sector with good pricing and repayment options.''