The Lieutenant Governor Manoj Sinha on Saturday has announced an economic relief package of Rs 1,350 crore for Jammu and Kashmir’s ailing business sector which has been affected by the Covid-induced lockdown.

As per the relief package, a 50 per cent discount for people of Jammu and Kashmir in water and electricity bills for a year will be provided. It will cover small and medium enterprises, tourism industry, among other sectors.

“We have approved an economic package of Rs 1,350 crores for Jammu and Kashmir’s struggling business community. This is additional to the benefits of the Atmanirbhar Abhiyan, earlier announced by Prime Minister Narendra Modi,” Manoj Sinha said.

He further stressed that stamp duty is exempted till March 2021 for all borrowers.

Sinha further told the reporters that a new industrial policy will be announced soon to revive the industrial sector, which has suffered huge losses after J&K’s special status under Article 370 was scrapped last year on August 5.

“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,” he said.

“This will be a huge relief for them and will help in generating employment here,” he added.

“For one year, we will be giving a 50 per cent concession in water and electricity bills. We will be spending Rs 105 crore on this. This will benefit farmers, normal people, businessman and others,” Sinha said.

“Under credit card scheme, we have decided to extend maximum limit of Rs 1 lakh to Rs 2 lakh for people working in handloom and handicraft industry. They will also be given 7 per cent interest subvention. From October 1, J-K bank will start a special desk for youth and women enterprises,” he said.