Lieutenant Governor Manoj Sinha introduced a significant financial reduction this afternoon.
A serious reduction package deal of Rs 1,350 crore was introduced this afternoon for Jammu and Kashmir’s ailing enterprise sector – hit onerous 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 among the key highlights of at this time’s bulletins that cowl small and medium enterprises, tourism trade, amongst different sectors.
“Now we have accredited 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 stated as he additional confused that “stamp obligation is exempted until March 2021 for all debtors”.
A brand new industrial coverage will probably 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 beneath Article 370 was scrapped, the L-G instructed reporters at this time. Final month, he had stated a panel will probably be set as much as work out modalities for the financial revival of the union territory and lengthening assist to its enterprise neighborhood. Because the committee submitted its report earlier than the deadline (September 1), Mr Sinha this afternoon stated: “That is for the primary time right here in so a few years {that a} committee has submitted the report within the given timeframe which was 12 days”.
Shedding mild on the most recent financial package deal, he stated: “Now we have determined to offer 5 per cent curiosity subvention to each borrower from the enterprise neighborhood, with none situations, for six months within the present monetary 12 months. This will probably be an enormous reduction for them and can assist in producing employment right here.”
“For one 12 months, we will probably be giving a 50 per cent concession in water and electrical energy payments. We will probably be spending Rs 105 crore on this. This can profit farmers, regular individuals, businessman and others,” Mr Sinha stated.
“Beneath bank card scheme, we’ve got determined to increase most restrict of Rs 1 lakh to Rs 2 lakh for individuals working in handloom and handicraft trade. They will even be given 7 per cent curiosity subvention. From October 1, J&Ok financial institution will begin a particular desk for youth and ladies enterprises,” Mr Sinha added.
