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| ICC Jammu presents MSME concerns & recommendations in RBI's 67th empowered committee meeting | | |  Early Times Report
JAMMU, Aug 13: The Indian Chamber of Commerce (ICC) Jammu, led by Chairman Rahul Sahai accompanied by Sanjay Aggarwal presented a detailed representation on the economic and sectoral concerns of Micro, Small and Medium Enterprises (MSMEs) during the 67th Empowered Committee Meeting of the Reserve Bank of India (RBI) held in Jammu under the chairmanship of Sh. Chander Shekhar Azad, Regional Director, RBI Jammu, Kashmir & Ladakh. Extending greetings ahead of the 79th Independence Day, ICC Jammu appreciated the RBI for successfully conducting the meeting and for providing an important platform for interaction between industry stakeholders and the banking sector.
Highlighting the current global trade challenges, particularly the tariff measures imposed by the USA on several countries including India, Sahai noted that sectors such as pharmaceuticals, textiles, yarns etc in J&K are feeling the impact. He urged the RBI to advise banks to adopt a liberal and supportive approach towards affected MSMEs during this stressed period. Key recommendations included liberal renewal of credit limits, special loan schemes for stressed MSMEs, and the introduction of CIBIL score improvement workshops in collaboration with credit agencies to help entrepreneurs enhance their credit profiles.
ICC Jammu also proposed new lending avenues for banks, including specific loan products for hospitals and nursing homes facing delays in Ayushman Bharat payments and simplified loan against property schemes for affected sectors. The Chamber welcomed the positive disbursement of collateral-free loans under CGTMSE, which has provided significant relief to startups and existing MSMEs, and recommended that the Government of India conduct an audit to ensure all eligible MSMEs register on TReDS platforms like RXIL and M1 Exchange to improve cash flows.
In addition, ICC has submitted a separate detailed representation addressing Automobile sector-specific concerns. Rahul Sahai reaffirmed ICC Jammu's commitment to supporting the Government of India and the RBI in ensuring economic stability and fostering growth in J&K's MSME sector during these challenging times. |
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