Srinagar: Jammu and Kashmir Lieutenant Governor Manoj Sinha addresses a press conference at Raj Bhavan in Srinagar on Sep 19, 2020. Sinha on Saturday approved a record Rs 1,350 crore package to spur growth in businesses and jobs in Jammu and Kashmir . Image Source: IANS News

Srinagar, Oct 27 : J&K Lieutenant Governor Manoj Sinha on Tuesday announced the sanctioning of over 10,000 cases under the Back to Village 3 (B2V3) Self Employment Programme, Economic Package and My Town-My Pride scheme.

Sinha was addressing mediapersons during a press conference at the Raj Bhavan auditorium.

The Lt Governor observed that his mantra for J&K revolves around 4 Ps -- peace, progress, prosperity and people first. He said that the sanctioning of over 10,000 cases under the B2V3 programme highlighted the UT administration's commitment to empower the youth, which is one of the foremost priorities of the J&K Government.

A total of 15,309 applications were received, out of which 10,828 have been sanctioned and an amount of Rs 100 crore has been disbursed to 6,734 applicants identified under the B2V3 programme.

"We had taken up a target of covering at least two persons in each panchayat who are in need of financial assistance for self-employment. I am happy to announce that we have covered nearly 10,000 cases and in order to mark the occasion, one person from each district of J&K is being handed over a sanction letter," Sinha said.

"We stand committed to cover every single aspirant within the Union Territory of J&K, who wishes to set up his own business. What distinguishes the effort this time is the fact that unlike in the past, where borrowers had to make several rounds of the bank to get a simple loan, the banks have been more than forthcoming towards helping the people," he added.

The Lt Governor called upon the J&K Bank to not only extend financial assistance to these entrepreneurs, but also provide handholding to them so that the youth who opt for self employment can set up sustainable businesses and flourish in their lives.

Sinha also handed over a cheque of Rs 250 crore to the J&K Bank as commencement of disbursement of 5 per cent interest subvention and coverage of re-structured accounts of 2014 and 2016.

"This is only the beginning and as and when requests are received for further disbursement, we will continue to meet these requests in a timely manner," Sinha said.

Providing a much needed relief to the business community, the Lt Governor also announced that from January 1, 2021, GST shall be reimbursed timely and automatically, without delays.

Reiterating the government's commitment for taking comprehensive measures for the revival of the business sector, the Lt Governor said that a committee has been constituted under the chairmanship of KK Sharma, Advisor to the Lt Governor, to suggest measures for improving competitiveness of the local industry post the abrogation of toll tax in Lakhanpur.

"The committee was supposed to give its report within a month of announcement of economic package. I am happy to announce that the committee has given its report within the scheduled time and the government will soon commence the implementation of the recommendations," Sinha said.

He said these recommendations contain 20 key steps that will not only enable the industry to become competitive, but also flourish in times to become competitive, not only in this region, but also at the national level

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