An economic package worth Rs 1,350 crore has been announced for Jammu and Kashmir to give a major boost to businesses that have been suffering losses over the years due to continuous shutdown.
Lieutenant Governor Manoj Sinha, who announced this relief package, said its for the people in the business community facing economic difficulties. He stated that the Center is actively considering an unprecedented and historic package for assistance to business entities, which will cover both the existing and new enterprises, and will be a big boost to business and industry in J&K.
“A two per cent interest subvention is provided and that is what the people expect as well,” Sinha said. “However, keeping in mind the special situation here, businesses have been suffering for the last 20 years, we have decided to give an interest subvention of five per cent without any discrimination to all businesses whether small, medium or heavy,” he said. “This is an unprecedented decision.”
Sinha said the package would bring a huge relief and help in employment generation. “I strongly feel that it is our collective responsibility to ensure that a lot of money goes into creation of jobs, strengthening of businesses and coming together of families for a quick bounce-back of J&K’s economy.” The LG pointed out that he had two objectives. With the first being to ensure more money in people’s pockets and second was to offer more opportunity for the revival of J&K’s economy. “Green shoots of economic revival are visible and I am confident that with this package, we will be able to steer J&K through the current crisis,” he said.
The administrator also highlighted that under the ambitious Aatmanirbhar Bharat Abhiyaan initiative, Rs 1,400 crore have been provided to the people of Jammu and Kashmir through the J&K Bank. Sinha added that the government is working on a structured mechanism and package for taxi drivers, transporters, autorickshaw drivers, house boat owners, shikarawallas and others as well.