JAMMU: Indian Chamber of Commerce Jammu raised several important concerns and recommendations related to the MSME sector during the 70th Empowered Committee Meeting organised by the Reserve Bank of India in Jammu on Tuesday.
The representation was submitted under the leadership of ICC Jammu Chairman Rahul Sahai to Regional Director RBI Jammu, Kashmir and Ladakh Chander Shekhar Azad.
Rahul Sahai appreciated the Reserve Bank of India for maintaining regular engagement with industry stakeholders and taking proactive steps to address concerns faced by Micro, Small and Medium Enterprises in Jammu and Kashmir.
The meeting was attended by General Manager RBI J&K and Ladakh Vibha, senior RBI officials, representatives from various industry associations, officials from the Directorate of Industries Jammu, MSME Department Jammu, SICOP and heads of leading banks operating in the region.
Rahul Sahai stated that the recommendations submitted by ICC Jammu were aligned with the seven appeals recently made by Prime Minister Narendra Modi, including promotion of work-from-home practices wherever feasible, encouraging Swadeshi initiatives, reducing fuel consumption and supporting natural farming.
The representation highlighted several issues including strengthening the implementation of the Trade Receivables Discounting System, promotion of solar energy adoption among MSMEs through concessional financing, increasing CIBIL awareness and financial literacy programmes and the need for an early announcement of the new Industrial Incentive Policy for Jammu and Kashmir.
ICC Jammu also recommended dedicated financial support for natural farming, agriculture-based enterprises and the public transport sector, including promotion of electric vehicles and modernization of commercial transport infrastructure.
The Chamber further urged authorities to simplify MSME loan procedures, reduce collateral requirements, adopt flexible working capital assessments, strengthen grievance redressal systems, empower branch-level banking officials for quicker decision-making and enhance digital banking and cybersecurity awareness among small businesses.
Rahul Sahai reiterated that ICC Jammu remains committed to working closely with the Reserve Bank of India, government departments and financial institutions for the overall development of trade and industry in Jammu and Kashmir.
