Srinagar: Keeping his promise with the business community of Jammu and Kashmir, Lieutenant Governor Manoj Sinha on Saturday announced an economic package of Rs 1,350 crore in order to give relief to the battered business community in the Union Territory of Jammu and Kashmir.

Sinha said that he has decided to provide immediate relief to the business community where this fresh financial intervention would be over and above the Atmanirbhar Bharat initiative announced by Prime Minister Narendra Modi. At 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 crore. “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 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. “I believe that every announcement we make should be implemented with quality. I will ensure the announcements are implemented on the ground. I will ensure quality execution of all these schemes,” Sinha concluded in the press conference.

Political parties and business communities in Kashmir have reacted to this package with caution. “We have suffered about Rs 50,000 crore of losses in the past 13 months; Rs 1,350 crore cannot make any visible change, however, it is a good beginning,” said Dr Zainulabidin who runs a business unit in Ganderbal industrial estate. Jammu & Kashmir Apni Party president Altaf Bukhari said the package is not going to be a game changer for the business community.