The Biz Reporter
Srinagar, Nov 25: The PHD Chamber of Commerce and Industry (PHDCCI) Kashmir today held an exclusive and significant meeting with the top leadership of the Small Industries Development Bank of India (SIDBI) to discuss focused developmental interventions for the industries of Jammu & Kashmir.
The high-level SIDBI delegation was led by Shri Manoj Mittal, Chairman and Managing Director, and included Shri Sudatta Mandal, Deputy Managing Director; Mr. Ketan Gaikwad, Managing Director and CEO of RXIL; Mr. Balbir Singh, Chief General Manager, Direct Credit Vertical; and Mr. S. Sunil, General Manager, Chandigarh Regional Office, and Mr Mohd. Rafiq SDE- SIDBI J&K
The PHDCCI Kashmir delegation was headed by Co-Chair, Mr. Himayu Wani, and comprised of several esteemed Executive Committee members: Mr. Nasir Shah, Mr. Billal Kawoosa, Ms. Madina Mir, CA Anil Sharma, Mr Shabir Abdullah, Mr. Ubair Shah, Mr. Shahid Khan, Er Owais Raja, Mr. Urfan Shehri, Professor Peerzada Amin and Mr Iqbal Fayaz Jan -Deputy Director PHDCCI Kashmir.
In his opening remarks, Mr. Himayu Wani expressed gratitude to SIDBI for its sustained engagement in the region. “Witnessing SIDBI’s various interventions since the establishment of its office in Srinagar has been truly encouraging. We now believe the time is ripe for more focused and customised developmental interventions to bolster viable industries in Kashmir and unlock their full potential,” he stated.
During the meeting, the PHDCCI delegation presented a comprehensive overview of the critical challenges faced by local businesses, with a specific focus on the lending and repayment structures for sectors like tourism and horticulture. The chamber highlighted that these vital sectors, after reaching their peak, are facing a cycle of disruptions, necessitating flexible and understanding financial solutions.
The PHDCCI team brought forth issues related to credit flow, collateral requirements, and the need for tailored financial products that align with the unique seasonal and operational cycles of these industries.
Shri Manoj Mittal, CMD of SIDBI, gave a patient hearing to the issues raised and provided constructive assurances. He committed to facilitating a collaborative effort by bringing key organisations like the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and CIBIL to the table to devise practical solutions for the tourism, horticulture, and other affected sectors.
In a move to foster inclusive growth, both institutions agreed to work jointly on an initiative to empower and upscale women entrepreneurs in the region under SIDBI’s SAHAS programme.
Further, to stimulate grassroots entrepreneurship and industrial development, the meeting concluded with a decision to collaborate on the adoption of specific industrial clusters and the creation of a compendium of ready-made, viable project reports for budding entrepreneurs. This initiative, to be developed in association with PHDCCI and SIDBI, aims to de-risk enterprise creation and provide a clear roadmap for new business ventures.
This strategic dialogue marks a significant step towards strengthening the partnership between PHDCCI and SIDBI, with a shared vision of accelerating sustainable economic development in Jammu & Kashmir.
