FM Announced J&K Social Welfare, Concessions, Measures For Industry

Finance Minister announced a slew of additional measures across various sectors, proposals seemingly had focus on social sector and the industry.

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FM Announced J&K Social Welfare, Concessions, Measures For Industry

Finance Minister announced a slew of additional measures across various sectors, proposals seemingly had focus on social sector and the industry. He announced:

  • Rs 15 crore each in two social welfare funds that fund the widow pensions scheme and the old age pension scheme. This apparently is amid at helping the ministry to manage the waiting list.
  • Insisting that four different schemes aimed at assisting the marriage of the underprivileged classes would now be consolidated into one perfect scheme with Aadhar linkage to avoid a possible duplication. The pensions of widows will be given to their daughters as well.
  • Finance Minister set aside Rs 5 crore for the interest subvention of the startups by SC ST youth. This will make their ventures less costly.
  • Announcing a new industrial policy in a few days, Finance Minister said that it will have two vital things: 100 percent insurance cover and considering buildings of the hotels as plant machinery thus enabling them to avail 30 percent capita subsidy. This will be the first post-GST scheme that will take care of the new realities in public finances.
  • He also announced a few concessions to the government employees as well. All the employees in the civil secretariat and the twin houses who work during the assembly session were getting Rs 7500 a month as a special allowance. Now this will be Rs 10,000 per month.
  • The engineers were getting Rs 30 per month as Field Travel Allowance (FTA) for last 30 years. This will now be changed and rationalized, he announced.
  • Even lawmakers got a new concession. They were getting Rs 5 lakh each as a loan for a car purchase or housing loan. It was an interest-free loan. Now both the loans are added together and doubled to Rs 20 Lakhs. The lawmakers will have a flexibility of availing a house or a car loan or both. Even the sitting fee had a hike.

There are 4.5 Lakh employees and every employee has a family of five persons, he said. That means the almost wet percent of the population is directly linked to the government. If they spend, the economy improves, if they save it also helps.

Source Link- http://kashmirlife.net/

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