PHDCCI Kashmir Urges Parliamentary Panel to Promote Valley Tourism, Seeks Support for Struggling MSMEs

Ziraat Times News Desk

Gulmarg, May 7: The Kashmir chapter of PHD Chamber of Commerce and Industry on Wednesday urged members of the Parliamentary Committee on Finance to act as “brand ambassadors” for Kashmir tourism while pressing for urgent policy and financial support to revive the Union Territory’s struggling industrial and MSME sectors.

The appeal was made during a high-level interaction held at Gulmarg between the PHDCCI Kashmir leadership and the Parliamentary Committee on Finance led by Bhartruhari Mahtab.

The meeting was attended by senior government and financial institution officials, including Vikramjit Singh, Praveen Kumar, Prakash Kumar, Khalid Majeed, A. K. Tamaria, Balbir Singh and Dheeraj Verma.

The industry delegation was led by A. P. Vicky Shaw along with Co-Chair Himayu Wani and Deputy Director Iqbal Fayaz Jan.

During the interaction, the chamber highlighted the economic challenges facing businesses in Jammu and Kashmir and submitted a 15-point charter of demands focused on industrial revival, access to credit, infrastructure development and MSME support.

PHDCCI Kashmir also made a special appeal to the visiting parliamentarians to help restore tourist confidence in the Valley by publicly endorsing Kashmir as a safe and attractive destination.

The chamber said tourism remained one of the key pillars of the region’s economy and required stronger national-level promotion following periods of economic uncertainty and disruptions.

Among the major issues raised by the chamber was the absence of a dedicated industrial policy for Jammu and Kashmir after the expiry of existing support frameworks. The delegation sought either an extension of the New Central Sector Scheme (NCSS) or a fresh region-specific industrial policy.

The chamber also flagged concerns over damaged credit scores of local entrepreneurs due to prolonged unrest, disruptions following the abrogation of Article 370 and recurring economic shocks. It demanded amnesty and corrective mechanisms to help affected businesses regain access to formal credit.

Other key demands included establishment of microfinance institutions and digital lending platforms in the Union Territory, expansion of CGTMSE-backed collateral-free lending, interest subvention for MSMEs, working capital support for seasonal businesses and a comprehensive revival package for sick industrial units.

The chamber further sought easier loan restructuring norms, a one-time settlement scheme for distressed units, improved industrial infrastructure, transport subsidies and simplified single-window clearances for businesses.

It also advocated dedicated support for startups, women entrepreneurs and youth-led enterprises through incubation centres, reserved funding windows and entrepreneurship training programmes.

The delegation additionally called for enhanced market access for local products through trade fairs, e-commerce support and government procurement incentives for local entrepreneurs.

Taking note of the concerns raised by the industry representatives, Bhartruhari Mahtab assured the delegation that the issues highlighted during the meeting would be taken up with the concerned ministries and authorities.

He said the committee recognised the fragile economic condition of Jammu and Kashmir and assured that the Centre would continue supporting the region’s economy through suitable policy interventions and financial measures aimed at industrial revival and MSME recovery.