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J-K govt rolls out major welfare initiatives in its 4th budget

Press Trust of India  |  Jammu 

today rolled out major welfare initiatives in his 4th Budget in the and said the reform measures adopted by the have started paying off. Drbau announced a slew of sops for industrialists, traders, employees, poor, farmers, cooperative banks, ailing units and Panchyati Raj institutions. "It will be a potential game-changer budget full of welfare initiatives," he told reporters here. "We were the first state to move from the archaic plan-non-plan expenditure to capital and expenditure which was followed by other states.

All the systematic changes been made so far have started paying off," he said. A new, robust, sustainable and people-friendly financial architecture is taking shape in the state, the said. In a major welfare initiative, the in its budget has decided to do away with toll on vegetables, medicines, sugar, salt, tea, soaps, detergents, sanitary items, water coconut, wheat seeds, tree spray oil, newsprint and jaggery. The also proposes abolition of basic toll on all non-commercial, private light motor vehicles. The has decided to abolish toll on export of all types of fruits produced within the state, he said. It has decided to extend relief to the general commuters and transporters and decided to abolish Lower Munda and Heerpur Toll Posts, he said. The will consider providing alternate incentive in lieu of CST to industrial units in the state, he added. The state shall also provide freight subsidy to the industrial units located in the state and transporting their manufactured goods beyond 1,000 km outside J-K, Drabu said. The state shall make available refund of SGST (State Goods and Service Tax) to all industrial units, which were hitherto eligible for VAT exemption, he added. The hotels and resorts will be treated at par with the industries as far as payment of power tariff is concerned. From April 1, 2018, hotels and resorts will now have to pay the same power tariff as is applicable to industries, he Drabu said. The also announced rolling out a "CM's Business Interest Relief Scheme". For all the RBI-approved restructured accounts, the will contribute one-third of the total interest payment of all these borrowers. He added that the grant one-time waiver of Rs 147.23lakh on soft loans provided under erstwhile Prime Minister's Package in respect of 19 Houseboat owners, who had taken such loans from banks other than and "The will grant waiver of penalty andinterest on arrears of in respect of all the dealersregistered under the provisions of J&K Value Added Tax, 2005 and J&K General Sales Act, 1962," he added. He said the will waive off interest and penalty on all the power arrears owed to the by the industrialists and hoteliers and tourist resort owners. "Under Scheme for transport sector, I am waiving off interest and penalty on past arrears of token and passenger from July 1, 2016 to March 31, 2017," he added. The will support the creation of a common facility centre for cricket bat industry at Sethar, Anantnag by making an attractive public-private partnership offer. The said that it will facilitate setting up of walnut processing units in the private sector through an enabling interest subvention scheme. The J-K proposed a small initiative of setting up of a community based marketing network to encourage saffron growers to go back to the traditional system of cultivation, for which Drabu earmarked Rs 5 crore, he added. The proposes to set up a sum of Rs 25 crore to orchard re-plantation and high density plantation initiative, he said. For sick units of the government, it will make a provision of Rs 5 crore for meeting cost of VRS-GHS in PSUs. Drabu said that with the complete revamp of the corporate governance structure of the Power Development Corporation, along with a refurbished balance sheet, a large equity base and a slew of projects in pipeline. J-K State Corporation has issued a share buyback offer and got a good and unexpectedly good response, he said. The said Rs 5 crore each will be infused in the Handicraft Development and Handloom Development Corporations for raw material and inventory upgradation. The will set up of a J&K Renewal Energy Corporation which will catalyze the development of renewable energy resources. Besides this, he also announced capital infusion of Rs 255 crore in Anantnag Central Cooperative Bank, Baramulla Central Cooperative Bank and Jammu Central Cooperative Bank, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 21:10 IST
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