Lieutenant Governor of Jammu & Kashmir (J&K), Manoj Sinha has announced a Rs 1,350-crore economic package in a bid to boost tourism and other sectors impacted by COVID-19 pandemic.
Today announced a mega relief and revival package of Rs 1350 crore to help the J&K business sector to tide over their problems. pic.twitter.com/TQUd7VvtS1
— Manoj Sinha (@manojsinha_) September 19, 2020
As a part of the package, the government has waived 50 per cent of the electricity and water bill amounts for a year across Jammu and Kashmir with an aim to bring a huge relief to farmers, families and businesses.
LG Sinha has also informed that the Centre is considering an unprecedented and historic package for assistance to business entities, which will cover both the existing and new enterprises and will be a big boost to business and industry in Jammu and Kashmir.
Announcing this, the LG said, “You know that at the most, a two-per cent interest subvention is provided and that is what the people expect as well. However, keeping in mind the special situation here — businesses have been suffering for the last about 20 years — we have decided to give an interest subvention of five per cent without any discrimination to all businesses whether small, medium or heavy. This is an unprecedented decision.” He said the Union Territory administration will directly support this with Rs 950 crore.
Sinha also announced that stamp duty has been exempted in case of all borrowers up to March next year.
He said the new economic package is apart from the package announced by Prime Minister Narendra Modi under the Aatmanirbhar Bharat Abhiyaan. “I strongly feel that it is our collective responsibility to ensure that a lot of money goes into creation of jobs, strengthening of businesses and coming together of families for a quick bounce-back of Jammu and Kashmir’s economy. I have twin objectives — ensure more money in people’s pockets and offer more opportunity for the revival of Jammu and Kashmir’s economy,” Sinha said while making his agenda open to the people of the Union Territory.
“Green shoots of economic revival are visible and I am confident that with this package, we will be able to steer Jammu and Kashmir (J&K) through the current crisis,” he said. The LG said under the Aatmanirbhar Bharat Abhiyaan, Rs 1,400 crore have already been provided to people through the Jammu and Kashmir Bank.
“For tourism sector, out of JK Relief Fund, a subsidy will be provided for installation of Bio-digesters in the houseboats. Cash assistance of Rs.1000 being given to be extended to 6 months; Online renewal & registration system for transporters & hoteliers; time bound renewals & registration will be provided,” announced LG.
For Tourism Sector, out of JK Relief Fund, subsidy to be provided for installation of Bio-digesters in the houseboats,cash assistance of Rs.1000 being given to be extended to 6 months; Online renewal & regist.System for transporters & hoteliers; time bound renewals & registration
— Manoj Sinha (@manojsinha_) September 19, 2020
He further said that the government is working on a structured mechanism and package for taxi drivers, transporters, autorickshaw drivers, houseboat owners, shikarawallas and other affected people.
Sinha also said that they are setting up a customised help tourism scheme by the Jammu and Kashmir Bank for financial assistance to persons associated with the tourism sector with attractive pricing and repayment features.
The LG had constituted a committee on August 18 to assess the help required by the business community of Jammu and Kashmir and also suggest administrative measures to boost banking, industry, tourism, agriculture and handicrafts.
The committee headed by K K Sharma, the advisor to the LG, submitted its report on September 1 after deliberations with at least 35 business organisations from Srinagar and Jammu.
The drafted recommendations, which have been accepted by the LG, will eventually empower Kashmiris, especially those who have lost their businesses and livelihoods, besides providing a conducive environment for various other industries to complement the prime minister’s visions of “Vocal for Local”, “Make in India” and “Make for World”.
