J&K LG Manoj Sinha announces Rs 1,350-crore relief package for ailing business sector

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday announced an economic package of Rs 1,350 crore to address the grievances of the business community saying that “this was just a beginning and more was in offing.”

He also said that the government was mulling a “structured package” for transporters, house boat owners, shikara wallas and others, who have suffered due to continuous lockdowns in the Union Territory in the last two decades.

Addressing the third presser in the last 10 days, the LG said the Rs 1,350-crore economic package is apart from the Rs 14,000-crore package announced for Jammu and Kashmir under ‘Aatmanirbhar Abhiyan’ of which Rs 6,000 is for power sector reforms.

He also announced stamp duty exemption till March 2021 for all borrowers. “I would like to announce that from October 1, a special desk will be set up at every Jammu and Kashmir bank branch for youth including entrepreneurs,” the LG said.

Sinha, who was appointed the LG of Jammu and Kashmir in August this year, said the government is committed to development of the newly formed Union Territory.

“Business is suffering here not just for the past 15 months but for the past 15 to 20 years,” he said and added the government of India is working out a new industrial policy which will be ready soon.

Kashmir Chamber of Commerce and Industry, a conglomerate of business organisations in Kashmir, has reported a loss of Rs 40,000 crore in two consecutive lockdowns since the abrogation of Article 370 in August 2019.