In a significant move to revitalize the industrial landscape of Jammu and Kashmir, the Industries and Commerce Department convened a high level interactive session on Tuesday with representatives from prominent industrial associations under the chairmanship of Commissioner Secretary, Industries & Commerce (I&C), Vikramjeet Singh.
The session witnessed active engagement with representatives from prominent industrial associations, underscoring the government's commitment to addressing the pressing challenges faced by industrial units in the region. Prominent industrial bodies, including The Federation of Industries Kashmir (FCIK), The Kashmir Chamber of Commerce and Industry (KCCI), the PHD Chamber of Commerce and Industry (PHDCCI), The Federation of Indian Chambers of Commerce & Industry (FICCI) and The Confederation of Indian Industry (CII), seized the opportunity to articulate their concerns and submit memoranda outlining critical issues.
These issues, ranging from the situation of sick units to the need for marketing support and financial assistance, were carefully listened to. Valuable suggestions were also put forth to enhance the industrial ecosystem in Jammu and Kashmir by the representatives of Industrial associations.
I&C Commissioner Secretary emphasized several key initiatives undertaken by the administration to support industrial growth and address the challenges faced by industrial units in the region. He highlighted The Raising and Accelerating MSME Productivity (RAMP) program, which is a World Bank supported initiative by the Government of India to help micro, small, and medium enterprises (MSMEs) improve their productivity and competitiveness.
The Commissioner Secretary affirmed that the government is actively considering the importance of providing marketing assistance to industrial units, a matter currently under discussion with senior officials. This forthcoming support aims to empower businesses in promoting their products and services, thereby expanding their market reach and bolstering revenue streams, he added.
He underscored the necessity of forging partnerships with additional financial institutions, such as Non-Banking Financial Companies (NBFCs), to diversify the financial support available to industrial units. This strategic collaboration with NBFCs will offer industrial units access to a spectrum of financing solutions, including loans, lines of credit, and bespoke financial products tailored to their unique requirements.
The Commissioner Secretary reiterated that the ongoing dialogue between the industrial stakeholders and the government aims to bridge communication gaps and ensure effective implementation of government schemes thereby contributing towards overall economic development of Jammu and Kashmir.
Among others the meeting was attended by Director JKTPO, Khalid Jahangir Managing; Director, Handicrafts & Handloom Kashmir, Mehmood Shah; Managing Director SICOP/SIDCO, Inderjeet; Director Industries & Commerce Jammu, Arun Manhas; Director Industries & Commerce Kashmir, Khalid Majeed; Managing Director Handloom and Handicraft Corporation, Atul Sharma; Joint Director Industries & Commerce Kashmir, Zahoor Ahmad Magray; Joint Director Handicraft & Handloom Department Kashmir and Deputy Secretary, I&C and other officials of I&C Department.