Rs 1,350 crore economic package announced for Jammu and Kashmir

Srinagar: – Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir, announced a package worth Rs 80 billion for the industry sector, in Jammu and Kashmir, reeling under an economical crisis, due to the Coronavirus menace. Of this, Rs 13.5 billion has been allocated for the industry sector in Jammu and Kashmir. Sinha expressed confidence that the Atmanirbhar Bharat campaign will benefit from this package. A decision for 50% waiver in electricity and water charges for the citizens of Jammu and Kashmir has also been taken.

The industry in Kashmir was closed for nearly five months now, owing to the Coronavirus pandemic. Thousands of jobs were lost. The sector suffered a loss of approximately Rs 210 billion. Because of this, a provision of Rs 13.5 billion has been made for this sector. Sinha said that the administration would bear 5% interest burden of every borrower from this sector. Sinha expressed confidence that this will come as a major relief for the industry and will create employment opportunities in the industry.

Also, stamp duty has been exempted for all borrowers till 31st March 2021. The tourism sector in Jammu and Kashmir has suffered a major setback due to the Coronavirus pandemic. The tourism sector suffered a loss of Rs 12.92 billion in the last five months. Sinha said that everyone from this sector would be provided special financial assistance by the banks in Jammu and Kashmir and a particular health scheme also will be made available to them.

Meanwhile, Sinha clarified that limits under the Credit Card Scheme, for the workers in the handicrafts sector, will be enhanced from 100,000 to 200,000 to promote the expansion of the sector. The administration will bear 7% of the interest burden of the borrowers from this sector.