Revival of Business and Industry in Jammu & Kashmir: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is Revival of Business and Industry in Jammu & Kashmir.

Revival of Business and Industry in Jammu & Kashmir

Lieutenant Governor of Union Territory of Jammu and Kashmir, Manoj Sinha has approved to release of Rs.250 crore as Interest Subvention which is part of the economic package for revival of business and industry in Jammu and Kashmir. 

LG, Manoj Sinha has given a cheque to Jammu and Kashmir Bank as the third installment of the 5 percent interest subvention. J&K govt. had already released Rs.500 crore so far, as part of the overall package of Rs.1353 crore. The interest subvention has provided enormous relief to around 3.44 lakh borrowers in the current Covid-19 crisis. J&K government announced a mega relief and revival package of Rs.1353 crore on September 19th, 2020 to help the J&K business sector to tide over the COVID-19 crisis and other difficulties. 

This business revival package considered relief measures, both financial and non-financial with aimed at primary sectors which are affected most by the situation of the Covid-19 pandemic and to achieve sustainable and continued growth. The Lieutenant Governor observed that the core component of the Package was Rs.950 crore as a 5 percent Interest Subvention to all borrowers. Local and MSME filters have also been enlisted on GeM enabling all departments in J&K to procure Goods and Services from the local manufactures.

Around 19 thousand youth including women would be provided financial assistance to start their own business ventures by J&K Bank. Even ‘Single window portal’ has been set up for doing business easily and online clearance system. The unemployment rate in J&K has declined very significantly and GST growth is also seen which indicates this type of step is taken by the government resulted positively.