The Co-Chair of PHDCCI Kashmir, along with the Co-Convenor of the Taxation Committee of PHDCCI Kashmir, attended the 65th Empowered Committee Meeting on Micro, Small, and Medium Enterprises (MSME) held today at the Reserve Bank of India (RBI) in Jammu. The meeting was Chaired by Mr C.S Azad Regional Director RBI Jammu, the meeting was focused on reviewing the flow of credit to the MSME sector in the Union Territory of Jammu and Kashmir.  

During the meeting, the representatives from the Kashmir region Mr Himayoun Wani raised critical issues affecting the MSME sector, including the challenges related to credit scores and circumstantial Non-Performing Assets (NPAs). They emphasized the need for Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage for startups and funding under the Prime Minister’s Employment Generation Programme (PMEGP) to support the growth of new ventures.  

Additionally, the representatives highlighted the absence of any industrial schemes in the region, which has significantly hindered the flow of credit to MSMEs. They urged the committee to address this gap and urge the GOI for extension or introduction of new industrial schemes and also requested to formulate policies that would facilitate easier access to credit for small and medium enterprises in Jammu and Kashmir.  

The meeting was attended by key stakeholders from the banking sector, government officials, who collectively discussed strategies to strengthen the MSME ecosystem in the region. The insights and recommendations provided by the PHDCCI Kashmir representatives were well-received, with a commitment from the committee to consider these issues in future policy deliberations.