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| PHDCCI demands special concessions to J&K entreprenuers in finances | | |  Early Times Report
JAMMU, Aug 13: PHD Chamber of Commerce & Industry, Jammu Region Chapter, Chair Rakesh Wazir while speaking in the empowered Committee meeting on MSME which was chaired by Regional Director Reserve Bank of India, incharge Jammu, Kashmir, and Ladakh,and attended besides others by the Union Territory Heads of major Banks & Deputy Resident Director PHDCCI Jammu, Kartik Partap Singh, advocates for special concessions to the business units of J&K.
The discussions focused on measures to strengthen the business and financial ecosystem and assess the working of banks in rolling out government schemes in the Union Territory of J&K.
Wazir,assured the RBI that PHDCCI is making concerted efforts to promote government policies and schemes, while actively creating awareness among entrepreneurs and the public. He reiterated PHDCCI's commitment to representing enterprise interests and working closely with stakeholders to address industry challenges.
Wazir emphasized the unique challenges of Jammu & Kashmir, given its fragile situation and remote topography. He highlighted the logistical difficulties of Industrial units wherein raw materials has to be transported from other parts of India and finished goods are shipped back, increasing costs for businesses.
He urged the RBI to consider intiating policies for liberal financing options for business units in J&K and asked for introduction of special packages.He also stressed that Credit Gurantee Scheme for Micro & Small Enterprises is good intiative of the government wherein no co-lateral security is required for loan upto 5.00 crore and banks should be forced to do maximum financing in this scheme. He also stressed that the use of the SARFAESI Act, which allows for the forcible seizure and auctioning of distressed units, should be minimized and should be used only when no other option is left. Furthermore, he called for enhanced facilitation and support for MSMEs to ensure their sustainable growth.
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