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| J&K Bank launches Technology Upgradation Fund | | Dr. Drabu announces 0.5% rebate to women entrepreneurs | | Early Times Report
Srinagar, Apr 15: To help enhance the production quality and volumes of Micro and Small Enterprises (MSE) in the state, J&K Bank Thursday launched “Technology Up-gradation Scheme”.
S S Salathia, Minister for Industry and Commerce J&K along with Chairman and CE J&K Bank Dr. Haseeb Drabu unveiled the financial product at a jam-packed gathering. at J&K Bank Corporate Headquarters, M A Road.
Congratulating Dr. Drabu for representing and articulating the bank’s developmental vision, Mr. Salathia said, “J&K Bank has and shall remain fundamental to the transformation of the industrial landscape of the state”.
By designing such a product J&K Bank has actually taken the first step towards the re-organization of the MSE sector on the modern and desirable industrial lines”, he added.
“J&K Bank deserves the credit for massive credit dispensation to encourage entrepreneurs and devise highly customized products aimed at employment generation. This is to acknowledge the J&K Bank’s contribution towards economic empowerment of the people here”, Salathia emphasized.
Urging young and talented youth to carve a place for themselves Salathia said, “Today you have a government which is ready to provide facilities to encourage entrepreneurship. And fortunately enough, you have J&K Bank at your back. What is needed from you is a bit of courage to come forward, explore and exploit the opportunity”.
Earlier, speaking on the occasion, Dr. Haseeb Drabu dwelt in detail upon the context in which ‘Technology Up-gradation Scheme’ was conceived and the content it offers to the lagging industrial sector of the state.
He said, “The Bank is basically trying to create an enlightened client and an empowered customer who can demand and suggest anything with a clear understanding of its pros and cons”.
Maintaining that the Scheme aimed at bridging the technological gap with a view to evolve an efficient enterprise, Dr. Drabu outlined a number of factors that served as the context of devising the scheme. “Stunted growth of firms, low economies of scale, insufficient size, obsolete technology, inefficient process technology and tardy replacement cycles have deprived us for long of the dividends and positive economic transformations that industrialization as a concept offers”, he observed.
Describing the Scheme as a part of J&K Bank’s Technology Upgradation Initiative, Dr. Drabu said that Bank was working on the idea of setting up a Technology Upgradation Fund to strategically and professionally change the technology frontiers at the state level.
Insisting on the need to professionalize the industrial operations, Dr. Drabu listed a few dos for the SMEs. “Budget future IT investments, provision for obsolescence of technologies and constantly track changes in the industry”, he advised the industrialists and entrepreneurs.
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