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LG Manoj Sinha announces Rs 1,350 cr economic package to help business community in J&K

Other measures taken by UT administration include 50 per cent discount in electricity and water bills for a year; exemption of stamp duty up to March 2021; and introduction of a health-tourism scheme to help tourism sector

twitter-logoBusinessToday.In | September 19, 2020 | Updated 13:54 IST
LG Manoj Sinha announces Rs 1,350 cr economic package to help business community in J&K
J&K LG Manoj Sinha

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.

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.

Also read: Year after abrogation of Article 370, how J&K fares on economic indicators

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.

Also read: Jammu and Kashmir Bank looks to raise Rs 4,500 crore capital via equities, debt

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