Srinagar: Lieutenant Governor Manoj Sinha on Saturday announced the much-awaited economic revival package for Jammu & Kashmir, which has suffered huge losses since August last year.
Addressing a press conference here, Sinha announced a financial package of Rs 1350 crore. He said it will be meant to bring down interest of the business community and cover demand charges of electricity and water bills.
“I am glad to announce a Rs 1350 crores economic package for the people in the business community facing difficulties. This was just a beginning and more is in the offing,” he told reporters at Raj Bhawan in Srinagar.
“We have decided to give 5 percent interest subvention to every borrower from the business community, without any conditions for six months in the current financial year. It will help in generating employment here,” he added.
Sinha said that the government has also decided to provide 50 percent waiver of fixed charges for one year with respect to electricity and water which would cost Rs 105 crore.
The package was announced after the committee formed last year after the abrogation of special status of Jammu and Kashmir submitted its report as to how the ailing economy could be revived. Sinha said that it was for the first time in many years that the panel has submitted the report in a given time frame.
According to Sinha, the package will also cover sectors which have been hit in the last one year. Stamp duty, he said, has been exempted up to March 2021 for all borrowers. A separate desk will be set up at all the J&K bank branches from October 1, he added.
“I believe that every announcement we make should be implemented with quality. I will ensure the announcements are implemented on the ground, with quality execution of all schemes,” he said.
For the Tourism sector, subsidy for installation of bio-digesters in the houseboats has been announced. Assistance shall also be extended out of ‘JK Relief Fund’ to some 19914 Shikara/HouseBoat owners/Tourist Guides/Pithuwalas/Dandiwalas/Sledge Walas/Pony/Camel Riders and cash assistance of Rs 1000 to all of them given from last 3 months would be extended for further six months till December 31.
For taxi-drivers, auto-drivers, houseboat owners, Shikarawallas and others who have suffered, a separate structured mechanism and package will be announced.
“The Government of India is working on a new industrial policy which will be made public soon,” he added.
Sinha said that they have also decided to assist bus drivers/conductors, auto/taxi drivers etc who may have lost their livelihood by providing for an appropriate mechanism.
According to him, 50 percent or Rs 5 lakh subsidy whichever is lower would be provided to transporters for replacement of old buses and the insurance premium shall be borne by the government subject to maximum of Rs 5000 per vehicle for Buses/Mini-Buses, Rs 3000 for taxes/sumos and Rs 2000 for three wheelers.
More than 3100 artists associated with the J & K cultural academy who have lost their livelihood during the Covid pandemic would be paid Rs 1000 per month out of ‘JK Relief Fund’ for a period of nine months from 1 April 2020.

Reader correspondent