Rs 1,350-cr J&K package 5% interest grant for all borrowers

Jammu and Kashmir Lieutenant Governor Manoj Sinha announced a Rs 1,350 crore relief and rehabilitation package for the business community in Jammu and Kashmir, in light of the Covid-19 economic slowdown.

The main component of the package is 5% interest subvention (a grant by the government) to all borrowers “irrespective of size”, which would cost the administration Rs 950 crore, and would be available for six months in the current financial year, the LG said, terming the move unprecedented.

“There are special circumstances here. For the last several years, people involved in business, trade, industry or artisans have faced a lot of difficulties. I am happy to announce that the administration has approved a Rs 1,350 crore package for the business sector which has been battling an economic crisis,” Sinha said, adding that the package was in addition to the announcements by the Prime Minister under the Aatma Nirbhar Bharat Abhiyan.