SRINAGAR — In a bid to boost the business and the other ailing sectors in Jammu and Kashmir, Lt. Gov. of Jammu and Kashmir Manoj Sinha recently announced a relief package of 1,350 crore rupees (nearly $183 million).

The federal aid is expected to provide a much-needed fillip for the rejuvenation of economic activities that have been hit badly due to the prolonged coronavirus-induced lockdown measures in the newly created Union Territory.

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"This is just a beginning and much more is in the offing," Lt. Gov. Sinha said who assume office last month.

He added that the government is also set to unveil a new industrial policy to bolster the industrial sector reeling from losses after the region’s special status was scrapped last year.

Speaking to reporters at his residence, Lt. Gov. Sinha said: "I am glad to announce this special economic package for the people in the business community facing economic difficulties. This is additional to the benefits of Atma Nirbhar Bharat and other measures taken by the federal government led by Prime Minister Narendra Modi to comfort the business community."

"We have decided to give five percent interest subvention to every borrower from the business community, without any conditions for six months in the current financial year. This will be a huge relief and help in generating employment here," he added.

Lt. Gov. Sinha also announced a discount of 50 percent in water and electricity bills for a year on fixed demand charges for industrial and commercial consumers, covering small and medium enterprises, tourism industry, among other sectors. — Agencies