SRI NAGAR: J&K Lieutenant Governor Manoj Sinha on Saturday announced a Rs 1,350-crore economic package aimed at reviving the economy of the Union Territory, which has been badly hit by successive two lockdowns since August last year.Sinha declared a 50 per cent discount on water and electricity charges for a year for industrial and commercial consumers. He also announced that the Centre has approved a new industrial policy for the UT to be announced soon.
“I am glad to announce a Rs 1,350-crore economic package for the business community facing economic problems. This is in addition to the benefits of Atmanirbhar Bharat and other administrative measures taken to comfort the business community and people,” he said. J&K’s business community, who had pegged losses to the tune of Rs 40,000 crore since August 5 last year, had been pressing the government to come up with an economic package.
The L-G said the government has taken innovative decisions in the package to revive businesses and the measures would be implemented within three months. It has also decided to give 5 per cent interest subvention to every borrower from the business community without any conditions and discrimination for six months, Sinha added. The L-G also announced the exemptions of stamp duty till March 2021 for all borrowers.He said the government is helping businesses to the tune of Rs 950 crore. The Kashmir Chamber of Commerce and Industry, Valley’s apex and oldest trade body, has welcomed the economic package.