Lieutenant Governor Manoj Sinha on Monday said the government will soon be announcing an “unprecedented economic package” which will cover not just the trade fraternity but all the sections in Jammu and Kashmir that have been affected by the downturn caused by the uncertainty.
“This package will include everyone including the business community. I can assure you that this would be an unprecedented economic package which earlier has never come for J&K,” Sinha said.
Addressing a press conference here, Sinha said the committee constituted to suggest a package for the revival of J&K’s economy has already submitted its report which is under consideration of the Government of India.
“It is not just the last 15-16 months but the last 20 years ever since the industry and trade of Jammu and Kashmir has been affected. The committee has submitted its report and within a week various formalities with regard to it will be completed,” Sinha said. He said even the rural economy is of great importance, adding that all the sectors whether horticulture or agriculture needs to be provided a boost.
As per preliminary loss assessment report of Kashmir Chamber of Commerce and Industries (KCCI), Kashmir’s economy has suffered a whopping Rs 40,000 crore loss mainly due to lockdown enforced from August 2019 when the central government revoked the special Constitutional status of Jammu and Kashmir, taking away its exclusive domicile provisions. Uncertainty following the lockdowns – including the one owing to the pandemic – has also forced over one lakh job cuts in the private sector during this period.