Jammu & Kashmir LG Manoj Sinha on Saturday announced an economic package worth Rs 1,350 crore for the business community facing economic difficulties in the Union Territory amid coronavirus pandemic. He said in the days to come, the administration plans to do much more for the business community in the state.
Sinha said the current package was in addition to the benefits given under the Atma Nirbhar Bharat and other measures taken to help revive the business community in J&K. "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 generate employment," LG Manoj Sinha said.
50% discount to be given for a year in electricity&water bills. Stamp duty exempted up to March 2021 in case of all borrowers. Setting up customised Health-Tourism scheme by J&K bank for financial assistance to people in tourism sector with good pricing&repayment options: J&K LG pic.twitter.com/tZYNRCafxp— ANI (@ANI) September 19, 2020
He said the J&K Bank would set up a special desk to facilitate youngsters and business women from October 1. He also announced that under the government's credit card scheme, the maximum limit will be extended from Rs 1 lakh to Rs 2 lakh for those working in the handloom and handicraft industry. "They will also be given 7 per cent interest subvention," he said.
Other measures taken by the UT administration include 50 per cent discount in electricity and water bills for a year; exemption of stamp duty up to March 2021 for borrowers; introducing a health-tourism scheme by J&K Bank to help the tourism sector. The announcement came days after Kashmir Trade Alliance (KTA), which represents various trade bodies of the UT, said the coronavirus pandemic has led to huge economic losses to the UT's industry.