Early Times Report
Jammu, Dec 13: Reserve Bank of India, Jammu, conducted the 42nd Empowered Committee Meeting on MSMEs for the State of Jammu and Kashmir on December 13, 2018 at RBI, Jammu. The meeting was chaired by Thomas Mathew, Regional Director, RBI, Jammu, and attended by the controlling heads of J&K Bank, SBI, PNB, and other major banks in the State, representative from SLBC convenor bank, Director, Industries and Commerce, General Manager, SIDCO, representative from MSME-DI, and representatives from various trade associations. At the outset, the General Manager, RBI, Satya Narain welcomed the participants and provided an overview of the objectives of the meeting. The Regional Director, RBI, in his address stressed on the importance of the MSME sector to the Indian economy, especially their contribution to GDP and employment generation. Comparing with other economies, he said that the sector has tremendous scope as the penetration of MSMEs in India is still on the lower side and a large portion of these units depend on finance from the informal sector. He expressed concern regarding the slow growth of the sector in the State and asked the banks to step up their efforts towards targeting MSME sector. Highlighting recent surveys and reports, he underscored the need for technology driven approach for addressing the issues of the sector. He urged the participants to step up their awareness initiatives so that both prospective and established entrepreneurs are aware about the policies and schemes targeting the MSME sector. |
