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CII applauds relief package to revive business amid COVID-19
9/22/2020 12:10:06 AM

EARLY TIMES REPORT

JAMMU, Sept 21: CII appreciated the J&K Government for announcing a Rs 1,350 crore relief and revival package for the business community in Jammu and Kashmir, in light of the COVID-19 economic slowdown. It is the first time when a Committee took a decision within less than a month of its formation. The main components of the package include 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, 50% waiver for one year on fixed-demand charges for industrial and commercial consumers, extension till December 31 for filing of GST reimbursement claims, and exemption of stamp duty up to March 2021 for all borrowers and clearing all pending due to the industry. CII requested the government to implement the relief package at the earliest to boost the J&K industry.
While welcoming the package as “a good beginning”, CII urged the government to create an ecosystem conducive for the growth of the J&K’s economy.
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