Srinagar, Aug 17: The PHD Chamber of Commerce & Industry Kashmir chapter, a leading organization representing the business community all over India, recently attended the 59th Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSMEs) for the Union Territory (UT) of Jammu & Kashmir and the UT of Ladakh.
The meeting was held under the chairmanship of General Manager RBI J&K, Shri Sandeep Mittal, in Srinagar. The Chamber was represented by A P Vicky Shaw, Chairman, Mushtaq Ahmad Mir, Convenor, and Deputy Director Iqbal Fayaz Jan, who actively engaged in fruitful discussions during the meeting. The meeting was also attended by representatives of JK Bank, SBI, PNB, and all private banks, the Department of Industries and Commerce, SIDBI, KVIB, and senior officials of RBI from the Jammu regional office.
Several key topics were addressed, including:
The registration of MSMEs under the Trade Receivables Discounting System (TReDS)
- A review of Udyam registration
- A review of MSME financing
- Sponsored cases under the Prime Minister’s Employment Generation Programme (PMEGP)
- A review of non-performing assets (NPAs) in the MSME sector
During the meeting, the Chamber urged the Reserve Bank of India (RBI) to request banks to examine NPAs and stressed accounts of MSME units in a liberal manner and find resolutions for genuine entrepreneurs. Recognizing the importance of awareness and education, it was unanimously decided that the PHD Chamber, in collaboration with the RBI, would initiate a robust awareness program for Udyam and TReDS across the Union Territory. Regarding the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme, banks were directed to obtain written confirmation from borrowers regarding their willingness to avail the CGTMSE cover for loans or avail it through mortgage.
The PHD Chamber also emphasized the need for the RBI to monitor the progress and achievements of the Small Industries Development Bank of India (SIDBI) for various schemes and interventions in the region. The Chamber expressed gratitude for the opening of a new branch of SIDBI, fulfilling a long-pending demand of the Chamber.
Furthermore, the Chamber proposed conducting a skill gap analysis and study on pashmina and carpet clusters, with a focus on industry-related jobs. This analysis aims to ensure the placement of skilled youth in these sectors, bolstering economic growth and opportunities. Finally, the Chamber urged the RBI to intervene with nationalized and private banks, advocating for ease of doing business and reducing compliance requirements for genuine entrepreneurs.
As a national apex body, the Chamber assured the RBI of its close coordination with financial institutions and entrepreneurs to attract investments and foster an ethical business ecosystem in Jammu and Kashmir.
