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Business EconomyPosted at: Aug 29 2020 9:52PM


LG’s administration committed to exploring more ways to revive business sector in J&K: Advisor

Jammu, Aug 29 (UNI) Advisor to Lt Governor, KK Sharma on Saturday said that Lieutenant Governor Manoj Sinha’s administration is committed to exploring more ways to revive the business sector of the Union Territory.
“The LG Administration is committed to exploring more ways and means for the revival of the business sector in Jammu and Kashmir,” Mr Sharma said while interacting with various Business Associations here at Udhyog Bhawan to discuss the revival of Business Sector in Jammu and Kashmir.
At the outset, the Advisor invited suggestions for reviving the Business sector in Jammu and Kashmir which has taken a severe hit like other parts of the country due to COVID-19.
Detailed discussions were held on various interventions needed for the much-needed business revival in the Union Territory of Jammu and Kashmir. Suggestions were taken from different stakeholders including Industrialists, Traders, Hoteliers, Entrepreneurs and others related to trade and commerce so that a comprehensive draft on trade policy can be made.
Representatives of various trade unions and business houses effectively projected their viewpoint and came up with suggestions as well as demands.
Most of the associations demanded relaxation in electricity bills, financial assistance, the release of long pending payments under different departments, exemption on Bank EMIs during the pandemic period, and taxes to be waived off to provide immediate relief to the industries and other traders.
Chamber of Commerce and Industry demanded that government should support in paying 75 per cent of salary/wages payable by Business establishments to employees, interest payable during the moratorium period should be exempted, pending incentives related to GST should be released, all mandatory taxes/duties should also be exempted.
Chamber of Traders Federation requested to reduce taxes on the purchase of new vehicles and exemption in usage charges whereas Confederation of Indian Industry demanded budgetary support to industries, the release of pending payments to MSME units and all the departments should be covered under single window system for different permissions/approval.
Hotels and Lodges Association Jammu requested for relaxation in SOP guidelines related to Covid-19 to attract more and more tourists to the J&K as most of the economy of the UT is dependent on the tourism sector.
The Advisor listened to suggestions and demands projected by the different Associations.
He welcomed their suggestions and ensured them that all their genuine demands would be looked into and will be completed in a phased manner.
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