Srinagar: Kashmir Chamber of Commerce and Industries (KCCI) on Saturday welcomed the financial package announced by Lieutenant Governor Manoj Sinha for the revival of business in the Union Territory, saying it will give a push to the economy.
“First of all, it is a very good beginning because it was on our demand that the LG formed a time-bound committee. We appreciate the work done by the committee and appreciate their efforts that they could deliver their report in time,” KCCI president Sheikh Aashiq told PTI.
He said the financial package was the need of the hour.
“For the last 14 months, the business fraternity was in a very bad shape and the economy was in big turbulence. This will at least give a push to the economy, if not wholly support it,” Aashiq said.
On the government’s decision to provide an interest subvention of 5 per cent for six months, the KCCI president said the business fraternity in the UT had demanded it for a period of one year.
“Though it has been announced for six months, it still is good,” he said.
Aashiq said the business fraternity appreciates the LG’s remarks that this was not the end, but a beginning.
“We expect the Centre will also come out with the support to the demands that we have raised, so that it becomes a comprehensive package,” the KCCI president said.
Earlier on Saturday, Jammu and Kashmir Lieutenant Governor Manoj Sinha announced Rs 1,350 crore financial package for the revival of business in the UT which have been hit by the twin lockdowns over the abrogation of Article 370 last year the COVID pandemic this year.
The package was announced after the recommendations of a high-level committee formed under the chairmanship of advisor to the Lt Governor, K K Sharma, for relief and revival of the business sector in Jammu and Kashmir.
The administration also decided to provide an interest subvention of 5 per cent to all borrowers.
The BJP’s Kashmir unit said it is a big relief for the people during the COVID-19 crisis.
The party’s Kashmir media-incharge Manzoor Bhat, in a statement, expressed hope the package will boost the ailing business sector in the region.
“On behalf of every BJP worker in Kashmir, I extend my thanks to LG Manoj Sinha administration and central leadership for this package. It will provide relief to poor, farmers, businessman and citizens. The initiative will help JK to become self-sufficient, he said.
Manzoor said the announcement of the package was the need of the hour. It will bring much-needed relief to several stressed sectors and industries, especially small scale industries, he said.