The Biz Reporter
Srinagar: Representatives from the PHD Chamber of Commerce and Industry (PHDCCI) Kashmir attended the 65th Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSME) at the Reserve Bank of India (RBI) in Jammu. The meeting, chaired by RBI Regional Director Mr. C.S. Azad, focused on reviewing credit flow to the MSME sector in the Union Territory of Jammu and Kashmir.
Mr. Himayoun Wani, representing the Kashmir region, raised several critical issues affecting the MSME sector, including challenges related to credit scores and circumstantial Non-Performing Assets (NPAs). The representatives emphasized the need for Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage for startups and funding under the Prime Minister’s Employment Generation Programme (PMEGP) to support new ventures.
The PHDCCI representatives also highlighted the absence of industrial schemes in the region, which has significantly hindered credit flow to MSMEs. They urged the committee to address this gap and requested the Government of India to extend or introduce new industrial schemes. Additionally, they called for policies to facilitate easier credit access for small and medium enterprises in Jammu and Kashmir.
Key stakeholders from the banking sector and government officials attended the meeting to discuss strategies for strengthening the MSME ecosystem in the region. The committee committed to considering the insights and recommendations provided by the PHDCCI Kashmir representatives in future policy deliberations.
