Financial package to help revive J-K economy, says industry

Jammu and Kashmir industry 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.

Jammu and Kashmir industry 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 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," Kashmir Chamber of Commerce and Industries (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 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, KK 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

Bari Brahmana Industries Association (BBIA) welcomed the Rs 1,350 crore relief package and urged the government to consult all stakeholders before finalizing the new industrial policy to attract investment in the Union Territory. "BBIA welcomes the relief package announced by the Lt Governor in a bid to boost the business, Industry and the other ailing sectors which suffered very badly since August 5 last year and the present situation due to COVID-19 infection," the industrial body said in a statement. BJP executive member Raman Suri also welcomed the package and said, "adherence to 137 demands of those involved in different business activities, including travel, trade, tourism and transport, by Lt Governor has come as a big relief to the people." "Waiving of 50 per cent electricity as well as water demand charges for industry and commercial units too will help businessmen to cope up during this hard time of COVID-19 pandemic," he said

He said the decision reflects the Government's sensitivity towards the business community, which is facing difficulties due to ongoing pandemic. Suri said time-bound One Time Settlements (OTS), capital infusion in accordance with the Atma Nirbhar Bharat Abhiyan, replacement of old vehicles and insurance support costing Rs 50 crore to the transporters as well as support to artists and others costing Rs 108.75 crore will go a long way in boosting the confidence of masses in the system.