Rs 1,350 crores bouquet to J & K: Power, water bills reduced by half

19th September 2020

19th September 2020

Manoj Sinha with prime minister Narendra Modi

Lieutenant Governor(L-G), Manoj Sinha has announced an economic relief package of ₹ 1,350 crores for the ailing business sector of Jammu & Kashmir (J&K) which is facing a crisis due to the prolonged lockdown.

Sinha took oath as the L-G of the union territory last month and in his statement today, he has announced a 50% discount in electricity and water bills for a year for people of J&K which also includes the tourism industry, small and medium enterprises, along with other sectors.

In his speech Sinha said, "we have approved an economic package of ₹ 1,350 crores for Jammu and Kashmir's struggling business community. This is additional to the benefits of the Atmanirbhar Abhiyan, earlier announced by Prime Minister Narendra Modi."

He also added, "stamp duty is exempted till March 2021 for all borrowers".

L-G also told reporters today that, "a new industrial policy will be announced soon to revive the industrial sector, which has suffered huge losses after J&K's special status under Article 370 was scrapped last year on August 5."

L-G Sinha had announced last month that a panel has been set up to work on the revival of the economy of the union territory by supporting the business community. While praising the panel for submitting its report before September 1 (the deadline), L-G 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."

Highlighting the key points of the economic package, Sinha said, "we have decided to give 5 per cent interest subvention to every borrower from the business community, without any conditions, for six months in the current financial year. This will be a huge relief for them and will help in generating employment here."

He also added, "for one year, we will be giving a 50 per cent concession in water and electricity bills. We will be spending ₹ 105 crore on this. This will benefit farmers, normal people, businessman and others."

"Under credit card scheme, we have decided to extend maximum limit of ₹ 1 lakh to ₹ 2 lakh for people working in handloom and handicraft industry. They will also be given 7 per cent interest subvention. From October 1, J&K bank will start a special desk for youth and women enterprises," said L-G Manoj Sinha.

 

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