Jammu, May 13: The Indian Chamber of Commerce (ICC) Jammu Chapter on Tuesday raised several issues concerning the MSME sector in Jammu & Kashmir during the 70th Empowered Committee Meeting convened by the Reserve Bank of India in Jammu.
The Chamber, led by its Chairman Rahul Sahai, submitted a detailed representation to RBI officials highlighting concerns related to MSME financing, industrial policy, digital banking awareness and support for emerging sectors.
The representation was addressed to Chandrashekhar Azad, Regional Director of RBI for Jammu, Kashmir and Ladakh.
The meeting was attended by senior RBI officials, including Vibha, representatives of industry associations, officials from the Directorate of Industries Jammu, the MSME Department, Small Industries Development Corporation (SICOP), and heads of major banks operating in the region.
During the meeting, Rahul Sahai appreciated the RBI’s engagement with industry stakeholders and said the Chamber’s recommendations were aligned with recent appeals made by Prime Minister Narendra Modi regarding work-from-home practices, promotion of Swadeshi products, reduction in fuel consumption and support for natural farming.
The Chamber highlighted the need for stronger implementation of the Trade Receivables Discounting System (TReDS), aimed at improving liquidity for MSMEs through digital invoice financing.
ICC Jammu also sought concessional financing for solar energy adoption among MSMEs, along with increased awareness campaigns on CIBIL scores and financial literacy for entrepreneurs and small businesses.
The Chamber stressed the need for an early announcement of the new Industrial Incentive Policy for Jammu and Kashmir and called for dedicated financial support for natural farming, agri-based enterprises and the public transport sector.
The representation additionally proposed measures to promote electric vehicles and modernisation of commercial transport systems in the Union Territory.
ICC Jammu urged simplification of MSME loan procedures, reduction in collateral requirements and adoption of more flexible working capital assessment mechanisms for small businesses.
The Chamber also advocated stronger grievance redressal systems, empowerment of branch-level bank officials for quicker decisions and enhanced awareness regarding digital banking and cybersecurity among MSMEs.
Rahul Sahai said the Chamber would continue working with RBI, government agencies and financial institutions for the development of trade and industry in Jammu and Kashmir.
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