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news details
LG distributes cheques among budding entrepreneurs; takes credit for introduction of 73rd amendment
JK admin sets 4Ps peace, progress, prosperity, people as benchmarks of development
10/28/2020 12:05:22 AM
Jehangir Rashid
Early Times Report

SRINAGAR, Oct 27: The Jammu & Kashmir administration has sanctioned an amount of 100 crores among more than 10,000 youth aspiring to be entrepreneurs. The administration has set 4Ps peace, progress, prosperity and people as benchmark for development in the union territory.
Addressing media persons here today Lieutenant Governor Manoj Sinha said that the administration received 15,309 applications from youth who want to set up their own business units across the union territory. He said out of this 10,828 cases have been sanctioned with 100 crores being disbursed among them.
"We have classified four pillars of development in Jammu & Kashmir and these are peace, progress, prosperity and people. We have embarked on the mission of development and positive results are coming out. We have set new benchmarks in this process and let me tell you that we are heading in the right direction," said the LG.
Referring to employment opportunities in government sector, Sinha said that 24,000 posts have been advertised by recruiting agencies like Jammu & Kashmir Public Service Commission and Services Selection Board. He said examination for 11,445 posts would be held in near future adding that 12,379 posts have been referred to recruiting agencies.
The LG said that boys and girls should join the process of peace and progress adding that red tapism would be rooted out from the union territory. He said that Jammu & Kashmir Bank officials would visit the aspiring entrepreneurs at their doorstep and hand over the sanction letters to them so that they could set up their own business units.
Sinha said that the administration is committed to strengthening the democracy at the grassroots level adding that introduction of 73rd amendment in Jammu & Kashmir is a step in this direction. He said that previous governments failed to bring this amendment to the union territory but his administration did not waste any time in this regard.
The LG said that committee constituted under the Chairmanship of K K Sharma, advisor to suggest measures for improving competitiveness of local industry post abrogation of toll tax at Lakhanpur has presented its report. These include local filter for J&K in GeM, price preference to MSMEs, mandatory procurement of 20 percent from local MSMEs within strict time frame, release of FDR/CDR in expeditious manner on completion of work, sensitization of departments, buyer-seller meet, capacity building of local MSMEs, review of SROs related to GST reimbursements, review of upper limit of allowed usage of land in industrial areas, review of fee charged on additional line of business activity, review of charges on transfer of unit to a blood relation, liquidity infusion as per Atma Nirbhar Abhiyan, Committee for examining levy of user charges in Mandis for specified products, establishment of anchor units, expansion of footprints of benefits under CGTMSE and Trade Receivables Electronic Discount System, Mudra Loans, Regular Stakeholder Consultations, timely GST reimbursements, streamlining of negative list for industrial incentives and capacity building of MSMEs.
Sinha said that the economic package announced had 83 measures including interest subvention of 5 percent in case of all borrowers. He said the first tranche is being released today; 50 percent waiver of the fixed charges of electricity/ water charges in respect of the Industries and Commercial Establishments for a period of 1 year; Release of Pending interest subvention under 2014 and 2016 rehabilitation schemes for restructured accounts, which is being done today; Constitution of committee for examining delay in payments to industries and suppliers; Re-structuring of functional NPAs as per RBI guidelines, the discussions with borrowers of the J&K bank have commenced and efforts are on; Extension in date of filing of GST reimbursement claims up to 31st December, 2020; Streamlining of sanction of loans by bank branches; Extension of repayment schedule as per RBI guidelines; Infusion of additional liquidity through GECL and business support loan; Rs.1700 crore to 47,000 borrowers. Holding of workshops related to capacity building under GeM in 20 districts, 8 districts already covered and 2 districts are being covered today; Special desk to facilitate youth and women entrepreneurs has been set up by the bank; Credit Card Scheme for artisans and weavers by enhancing the credit limit from Rs 1.00 lakh to Rs 2.00 Lakhs with interest subvention of 7% has already been approved; Customised "Help Tourism" scheme by J&K Bank for financial assistance to persons associated with the Tourism Sector has been launched and further streamlining underway; Land bank exclusively for the establishment of Food Park clusters, 4 such clusters already identified. Soft loan to bakers for ovens; Land bank in the industrial estates for the establishment of the warehouses, J&K Bank has been accordingly instructed; Committee for regular stakeholders' consultations has been set up; Streamlining of guarantors required for working capital loan; Conduct of Workshops to remove difficulties and delay in filing reimbursement claims, 8 districts have already been covered and 2 districts are being covered today; Establishment of Consumer forums and Rationalization of restrictions on movement of manpower and material to Industrial Estates has been taken forward.
The LG handed over a cheque of Rs 250 crore to J&K Bank as commencement of disbursement of 5 percent Interest Subvention and coverage of re-structured accounts of 2014 and 2016. He also termed it as very important milestone. He distributed cheques among some youth who have been identified as budding entrepreneurs during the back to village programme.
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