May 2021 News

J&K govt releases Rs 250 crore as interest subvention under economic package for biz

6 May 2021

Jammu: J&K Lieutenant Governor Manoj Sinha on Thursday approved release of additional Rs 250 crore as interest subvention under economic package for revival of business and industry in the Union Territory. He handed over a cheque of the said amount to Jammu and Kashmir Bank as third instalment of the 5 per cent interest subvention. The UT administration has already released Rs 500 crore so far, and on Thursday, another instalment of Rs 250 crore as 5 per cent interest subvention was released as part of the overall package of Rs 1353 crore, an official spokesman said. The interest subvention has so far provided immense relief to 3.44 lakh borrowers in the current COVID-19 crisis. The J&K administration had announced a mega relief and revival package of Rs 1353 crore on September 19 last year to help J&K's industry tide over the COVID-19 crisis and other difficulties. The business revival package involved relief measures, both financial and non-financial, aimed primarily at the sectors that had been most affected by the ongoing situation so as to achieve sustainable and continued growth, he said. The lieutenant governor observed that the core component of the package was Rs 950 crore as 5 per cent interest subvention to all borrowers. Apart from interest subvention, local and MSME filters have also been operationalised on Government eMarketplace enabling all departments in J&K to procure goods and services from the local manufacturers, he said. Sinha also said local and MSME filters can be used together for procurements made up to Rs 5 lakh from local manufacturers. 'For purchases above Rs 5 lakh, additional terms and conditions clause can be used by the departments for restricting procurement within a geographical limit, through the process of bidding on the GeM.' It was one of the important components of the economic package announced by the lieutenant governor for giving boost to local entrepreneurship. 'To provide further impetus to business and ensure ease of doing business, single-window portal has been set up and online clearances introduced. Special desks have been created to address issues of youth and women entrepreneurs in J&K Bank,' he said. An unprecedented industrial package was also announced, besides industry-friendly policies in 14 key sectors of the economy. Not only this, about 19,000 youth, including women, have been provided financial assistance to start their own business ventures by J&K Bank, as a follow-up of the announcement made by the lieutenant governor during 'Back to Village-3' programme. He said that in coming times, the government will continue to take further steps to boost the economy of J&K and help people to overcome the difficulties with due attention to the business community. PTI AB HRS hrs Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI