MSMEs in J&K playing vital role in employment generation | RBI

The 32nd Empowered Committee (EC) meeting on Micro Small and Medium Enterprises (MSMEs) in Jammu & Kashmir was held here on Thursday. The meeting was chaired by D Sethy, Regional Director, Reserve Bank of India, Jammu and Kashmir. In his address, he stated that the main purpose of holding the periodic EC meetings was to […]

The 32nd Empowered Committee (EC) meeting on Micro Small and Medium Enterprises (MSMEs) in Jammu & Kashmir was held here on Thursday.

The meeting was chaired by D Sethy, Regional Director, Reserve Bank of India, Jammu and Kashmir.

In his address, he stated that the main purpose of holding the periodic EC meetings was to “facilitate an accelerated growth of MSMEs in the State and also to remove bottlenecks which hinder the smooth flow of credit to the sector.”

“Besides, such a forum also affords an opportunity of direct communications/interactions between various stakeholders i.e. government, bankers, regulators, industry associations etc. so that the sector could get the necessary guidance, support and focused attention from all concerned for its smooth functioning and progress,” he said. He highlighted the role being played by the MSMEs in employment generation, exports, traditional handicraft and handloom industry of the State. “The large potential available in the sector is yet to be tapped in the State.”

He also reiterated that there was a need to increase awareness about various facilities and schemes available to the entrepreneurs from the Government of India, banks and State Govt. The gathering was informed that the advances to Micro Small Enterprises (MSE) sector increased from Rs.8365.08 crore as on September 30, 2014 to Rs.10383.64 crore as on September 30, 2015, registering an increase of 24.13 percent growth year on year basis. Further, the number of accounts which stood at 256550 units as on September 30, 2014 had increased to 282834 units as on September 30, 2015, registering 10.25 percent growth year on year basis. The banks collectively surpassed target of 10 percent growth in number of accounts and 20 percent growth in credit dispensation YoY basis.

The meeting was attended by GM, RBI, controllers of major banks, convener SLBC, SIDBI, senior officials from Industries & Commerce Department, Kashmir and Jammu, MSME-DI, JKSFC, Handicrafts, SIDCO and representatives from Industry Associations & Chamber of Commerce of both Jammu and Kashmir.

Source: Greater Kashmir