Srinagar, May 6: In a move aimed at strengthening the entrepreneurial ecosystem in Jammu & Kashmir, the PHD Chamber of Commerce and Industry (PHDCCI) Kashmir on Wednesday signed a memorandum of understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to enhance access to finance and capacity-building support for businesses in the Valley.
Officials described the agreement as a first-of-its-kind collaboration between PHDCCI Kashmir and SIDBI in the region. The partnership is expected to facilitate capacity building of entrepreneurs and enable the recommendation of direct lending and credit cases across key sectors, including horticulture, hospitality, women entrepreneurship, green financing, food processing, and handicrafts.
The MoU was exchanged on behalf of PHDCCI Kashmir by its Chairman A P Vicky Shaw and on behalf of SIDBI by General Manager Sunil S, in the presence of senior officials from both organisations.
Among those present were Balbir Singh, Co-Chairman PHDCCI Kashmir Himayu Wani, SIDBI Assistant General Manager Dheeraj Verma, and Mohd Rafiq, along with members of the PHDCCI executive committee.
Speaking on the occasion, Shaw termed the agreement a “landmark initiative,” stating that it would significantly improve financial outreach for entrepreneurs in Jammu & Kashmir. He said the collaboration would complement SIDBI’s ongoing efforts in the region and enable more structured support for emerging businesses.
PHDCCI Kashmir also expressed gratitude to SIDBI for the partnership and reiterated its commitment to ensuring wider access to credit, skill development, and capacity-building programmes for entrepreneurs across the Valley.
The chamber noted that it had earlier facilitated a similar MoU for the Integrated Textile and Handicrafts Park at Zakura, aimed at strengthening institutional and member capacities in the sector.
