In a big financial boost for the UT of J&K, LG Manoj Sinha announced a Rs 1,350 crore economic stimulus package on Saturday to rebuild the economy and encourage business for the benefit of the people of Jammu and Kashmir. The package has been announced to help the business community overcome the hardships of the Covid-19 pandemic.
The Rs 1,350 crore package will be over and above the Prime Minister’s Atmanirbhar Bharat Abhiyan benefits.
The package also entails a 5% interest subvention to all buyers for the current financial year which will cost about Rs 950 crores to the government exchequer.
The Centre has also decided to give a 50% waiver for one year with respect to electricity and water bills to all industries which would cost Rs 105 crores.
While announcing the package the LG said, “Overall this economic package is historic in terms of volume and reach. I can see Kashmiris are eager to contribute to the growth of the UT as they are fed up of cross-border terrorism sponsored by our neighbour.”
He further added, “Green shoots of economic revival are visible and I am confident that with this package, we will be able to steer Jammu and Kashmir through the current crisis.”
The government has also decided to assist bus and taxi drivers, auto drivers, conductors. It has also decided to extend a helping hand to houseboat owners, shikarawalas, tourist guides, pithuwalas, etc by providing pending interest subvention with respect to structured accounts of 2014 and 2016.
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