WILL IT HELP?
Government has come out with a fresh dose of financial intervention in the Union Territory of Jammu and Kashmir especially to help the business houses both big and small for their interest piling up with different banks and financial institutions.
LG Manoj Sinha recently announced a financial package of Rs 1350 crores for the business community in Jammu and Kashmir in order to begin the process to bring out thousands of families connected with different trades from the present mess of debt and job losses.
In a press conference in Srinagar he said that there would be 5% interest subvention to every borrower from the business community at every level for six months in the current year and it will cost the government Rs 950 crores.
“There is an important component in this package and there is 50% concession in electricity and water bills and the government is putting Rs 105 crore in this,’’ he added.
Similarly he said that stamp duty has been exempted up to March 2021 in the case of all borrowers in UT of Jammu and Kashmir. Showing his deep concern for the industrialists he said that the central government has prepared the new industrial policy for J&K and it would benefit the investors massively including creation of a huge land bank.
As already reported in the media circles of New Delhi, Sinha is not happy with the way JK administration especially the senior bureaucrats have worked on the ground for the implementation of many central packages in the past.