J&K economic package: 50% discount in water, electricity bills
Lieutenant Governor of Jammu and Kashmir Manoj Sinha on Saturday unveiled a Rs. 1,350 crore economic package for the Union Territory. The latest push for the economy comes as the business sector has been facing a crisis, with last year's revocation of J&K's special status, coupled with the coronavirus outbreak and the lockdown imposed to keep the virus in check. Here are more details.
This is additional to Atmanirbhar Abhiyan's benefits: Sinha
Lieutenant Governor Manoj Sinha, who took over as J&K's L-G last month, announced, "We have approved an economic package of Rs. 1,350 crore for Jammu and Kashmir's struggling business community." He said, "This is additional to the benefits of the Atmanirbhar Abhiyan, earlier announced by Prime Minister Narendra Modi," adding that "a new industrial policy will be announced soon to revive the industrial sector."
50% concession in water and electricity bills for one year
Under the package, Sinha announced a 50% concession in water and electricity bills for one year, benefiting farmers, normal people, businessmen, and others. "We will spend Rs. 105 crore on this," he said. He said, "Stamp duty is exempted till March 2021 for all borrowers." The administration also announced an unconditional 5% interest subvention for every borrower from the business community for six months.
Handloom, handicraft workers to get 7% interest subvention
The L-G said, "Under the credit card scheme, we have decided to extend the maximum limit of Rs. 1 lakh to Rs. 2 lakh for people working in the handloom and handicraft industry." He added, "They will also be given 7% interest subvention. From October 1, J&K bank will start a special desk for youth and women enterprises."
Sinha praised panel constituted for economic revival
Further, Sinha praised the committee set up last month to detail the modalities for J&K's economic revival. He said, "This is for the first time here in so many years that a committee has submitted the report in the given time-frame which was 12 days."
J&K's economy facing downturn since last year
The erstwhile state of J&K was put on lockdown on August 5 last year after its special status was stripped. It was also divided into two UTs: J&K and Ladakh. The restrictions imposed were eased over the following months. However, in March, the coronavirus lockdown was imposed, further impacting the ailing economy. J&K has reported 61,041 COVID-19 cases, with 966 deaths and 39,305 recoveries.
