50% Low cost In Water, Energy Payments As J&Ok Publicizes Main Financial Reduction


Lieutenant Governor Manoj Sinha introduced a serious financial aid this afternoon.

A significant aid package deal of Rs 1,350 crore was introduced this afternoon for Jammu and Kashmir’s ailing enterprise sector  – hit laborious by the novel coronavirus outbreak – by Lieutenant Governor Manoj Sinha, who took oath final month because the union territory’s L-G. A reduction of 50 per cent for a 12 months in water and electrical energy payments for individuals in J&Ok is likely one of the key highlights of as we speak’s bulletins that cowl small and medium enterprises, tourism business, amongst different sectors.

“We’ve authorized an financial package deal of Rs 1,350 crore for Jammu and Kashmir’s struggling enterprise neighborhood. That is extra to the advantages of the Atmanirbhar Abhiyan, earlier introduced by Prime Minister Narendra Modi,” Mr Sinha mentioned as he additional burdened that “stamp responsibility is exempted until March 2021 for all debtors”.

A brand new industrial coverage can be introduced quickly to revive the economic sector, which has suffered enormous losses since August 5 final 12 months when J&Ok’s particular standing underneath Article 370 was scrapped, the L-G advised reporters as we speak. Final month, he had mentioned a panel can be set as much as work out modalities for the financial revival of the union territory and increasing help to its enterprise neighborhood. Because the committee submitted its report earlier than the deadline (September 1), Mr Sinha this afternoon mentioned:  “That is for the primary time right here in so a few years committee has submitted the report within the given timeframe which was 12 days”.

Shedding mild on the newest financial package deal, he mentioned: “We’ve determined to offer 5 per cent curiosity subvention to each borrower from the enterprise neighborhood, with none circumstances, for six months within the present monetary 12 months. This can be an enormous aid for them and can assist in producing employment right here.” 

“For one 12 months, we can be giving a 50 per cent concession in water and electrical energy payments. We can be spending Rs 105 crore on this. This may profit farmers, regular individuals, businessman and others,” Mr Sinha mentioned. 

“Beneath bank card scheme, we have now determined to increase most restrict of Rs 1 lakh to Rs 2 lakh for individuals working in handloom and handicraft business. They may even be given 7 per cent curiosity subvention. From October 1, J&Ok financial institution will begin a particular desk for youth and girls enterprises,” Mr Sinha added. 

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