Srinagar, Aug 2: Calling Micro, Small and Medium Enterprises (MSMEs) the driving force behind Jammu and Kashmir's economic transformation, industrialist and PHDCCI Kashmir Co-Chair Himayoun Wani has stressed the need for innovation, entrepreneurship and stronger industry-government collaboration to unlock the region's immense industrial potential.
Speaking on the theme "Building Kashmir: Industry, Innovation & Impact," Wani said the future of Jammu and Kashmir lies in creating a vibrant industrial ecosystem that empowers entrepreneurs, attracts investment and generates sustainable employment opportunities for the youth.
He observed that MSMEs have emerged as the backbone of modern economies across the world by encouraging innovation, promoting local manufacturing and creating jobs at the grassroots level. Jammu and Kashmir, he said, possesses immense untapped potential in sectors such as food processing, handicrafts, handloom, horticulture, tourism, information technology, renewable energy and modern manufacturing, all of which can flourish through a strong MSME ecosystem.
"Industrial development is not merely about setting up factories. It is about creating opportunities, encouraging innovation and building an ecosystem where entrepreneurs can thrive," Wani said.
Highlighting the importance of entrepreneurship, he said the youth of Jammu and Kashmir possess talent, creativity and determination but require access to finance, mentorship, market linkages and modern infrastructure to transform innovative ideas into successful enterprises.
He said a thriving MSME sector can significantly reduce unemployment by creating thousands of direct and indirect jobs while strengthening the Union Territory's overall economic resilience. Local industries, he noted, also play a crucial role in reducing dependence on imports, promoting indigenous products and increasing exports to national and international markets.
Wani underlined the importance of close coordination between government departments, industry bodies, financial institutions and private investors to build a business-friendly environment capable of attracting new investments. Simplified regulations, faster approvals, improved industrial infrastructure and easier access to credit, he said, are essential for encouraging entrepreneurship and industrial expansion.
He also highlighted the pivotal role being played by the PHD Chamber of Commerce and Industry (PHDCCI) in supporting businesses through policy advocacy, industry consultations, networking platforms, investor interactions and capacity-building programmes for entrepreneurs and startups.
According to Wani, technology and innovation must become central pillars of Kashmir's industrial growth. Adoption of digital technologies, automation, e-commerce platforms and modern manufacturing techniques can help local enterprises improve productivity, reduce costs and compete effectively in global markets.
He further stressed the importance of skill development, saying industries require a workforce equipped with modern technical and professional skills. Strengthening vocational education, entrepreneurship training and industry-oriented skill programmes would enable young people to meet the evolving demands of the job market while encouraging self-employment.
Referring to Jammu and Kashmir's unique strengths, Wani said the region enjoys immense opportunities in value-added horticulture, food processing, wellness tourism, eco-tourism, traditional crafts, IT-enabled services and renewable energy. With strategic planning and sustained investment, these sectors can become major contributors to economic growth and employment generation.
He also called for stronger public-private partnerships to accelerate industrial development, saying collaboration between government agencies and private enterprises would improve infrastructure, encourage innovation and create a more competitive business environment.
Wani expressed confidence that with progressive policies, improved ease of doing business and continuous support for MSMEs and startups, Jammu and Kashmir can emerge as one of India's fastest-growing industrial destinations.
He reiterated that industrialisation must remain inclusive and sustainable, ensuring that economic growth benefits entrepreneurs, skilled workers, rural artisans and local communities alike.
Concluding his address, Wani said that building a strong industrial base is essential for creating a self-reliant and prosperous Jammu and Kashmir. He urged all stakeholders—including policymakers, financial institutions, industry leaders and young entrepreneurs—to work collectively towards transforming the Union Territory into a hub of innovation, enterprise and economic opportunity.
"The future of Jammu and Kashmir depends on the strength of its entrepreneurs. By investing in MSMEs, encouraging innovation and creating an enabling business ecosystem, we are investing in jobs, prosperity and long-term economic resilience," he said.