J&K LG announces Rs 1350 cr economic package, 50% discount on electricity, water bills

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),  Lieutenant Governor Manoj Sinha on Saturday announced a relief package of Rs 1350 crore for Jammu and Kashmir in

"This was just a beginning and much more was in the offing", While addressing a press conference at Raj Bhawan, LG Sinha said.

"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.

5% interest subvention to every borrower from business community & other keynotes

• 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. 
• 50 per cent discount on water and electricity bills in Jammu and Kashmir for a year part of the economic relief package. 
• Jammu and Kashmir Lieutenant Governor also said that it will also cover those sectors that have suffered losses in the newly created UT in addition to the ailing business sector.

Lauding the committee for submitting the report in a time frame, Sinha said, "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.

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.

We have suffered a loss of not less than Rs 40,000 crores: Altaf Bukhari

After the announcement, Jammu & Kashmir Apni Party president Altaf Bukhari said, "Jammu and Kashmir needs a bigger heart if we want to revive its economy. We have suffered a loss of not less than Rs 40,000 crores, and a Rs 1,350 crore economic package is a drop in the ocean but something is better than nothing."