LG Manoj Sinha announces Rs 1,350 cr economic package for Jammu and Kashmir

Manoj Sinha announced a relief package of Rs 1350 crore for Jammu and Kashmir in a bid to boost the business and the other ailing sectors that have suffered huge losses for several years

Lieutenant Governor Manoj Sinha on Saturday announced a relief package of Rs 1350 crore for Jammu and Kashmir in a bid to boost the business and the other ailing sectors that have suffered huge losses for several years in the newly formed Union Territory (UT).

While addressing a press conference at Raj Bhawan, LG Sinha said: "This was just a beginning and much more was in the offing".He also lauded the Committee for submitting the report in a given time frame.

"I am glad to announce a Rs 1,350 crores economic package for the people in the business community facing economic difficulties. This is additional to the benefits of Atma Nirbhar Bharat and other measures taken by us to comfort the business community," he said.

"We have decided to give 5 per cent interest subvention to every borrower from the business community, without any conditions for six months in the current financial year. This will be a huge relief and help in generating employment here," he added.

"I also want to highlight that this is for the first time here in so many years that the Committee has submitted the report in the given time frame which was 12 days," Sinha further stated.

Giving more information about the package, the Jammu and Kashmir Lieutenant Governor said that it will also cover those sectors that have suffered losses in the newly created UT in addition to the ailing business sector.

Notably, this package was announced just days after Kashmir Trade Alliance (KTA), an umbrella of various trade bodies, had earlier stated that due to coronavirus pandemic lockdown businessmen have incurred huge losses.