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Post-August 2019, J&K’s economy marching ahead: LG

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Inaugurates 8th India International MSME Start-up Expo & Summit 2022 at New Delhi; says in FY 2021-22, MSMEs export in J&K registered 54% growth, importer-exporter registration went up by 173%.

New Delhi: Lieutenant Governor Manoj Sinha Thursday said post-August 2019, industry-centric policies, provisions for financial assistance, handholding to new and existing enterprises have encouraged MSMEs and other industries in J&K so much so that the entire business ecosystem is now exuding the confidence.

Sinha made these remarks as he inaugurated the 8th India International MSME Start-up Expo & Summit at New Delhi.

The Expo provides a much-needed platform to SMEs, startups, trade, industry, service providers to explore new opportunities, buyers-sellers meet, sharing knowledge about central/state’s/UTs schemes etc., an official press release said.

It said expressing gratitude towards Prime Minister Narendra Modi for bringing a revolution in MSME sector, the LG said that in the last eight years the MSME sector has undergone very rapid change.  “New strength, resilience and global competitiveness of MSMEs will make India a preferred destination for manufacturing for the world,” he added.

The LG said that the Indian MSME sector today can be described as magical, steadfast, magnificent enterprises, which is contributing nearly 45 percent of overall India’s exports. The number of initiatives under Aatma Nirbhar Bharat Abhiyan is driving economic progress and social development, he added.

“MSME is the nerve center of the country’s business. Our focus is to rejuvenate traditional MSMEs with greater access to credit and market linkage to ensure a higher growth trajectory for MSMEs,” the LG observed.

“Productivity, connectivity & standardization, are in fact, three important factors for MSME’s sustained growth. Vocal for local, district export hubs, GeM portal, market linkage of domestic and global value chains, all these interventions are results of Hon’ble Prime Minister’s efforts to ensure that MSMEs contribute to realize the vision of Aatma Nirbhar Bharat & Aatma Nirbhar Jammu Kashmir,” the LG further added.

“The industry centric policies, provisions of financial assistance, handholding to new and existing enterprises have encouraged MSMEs and other industries in J&K. The business ecosystem is exuding the confidence,” he added.

“After August 2019, J&K’s economy has been living up to the expectation. In FY 2021-22, MSMEs export registered 54 percent growth and importer-exporter registration has gone up by 173 percent,” he informed, adding that strategic focus on food processing, handicrafts & and organic products has stimulated the economic growth.

“J&K has one of the fastest growing horticulture markets in the country. Our strengths in natural resources & skilled workforce, best in class incentives through new industrial development scheme are well known and makes J&K an ideal MSME destination,” the LG further added.

Highlighting the government’s endeavours to empower MSMEs, the LG said that JKTPO is continuously organizing buyers-sellers meetings, exhibitions, capacity building programs to provide entrepreneurs with requisite support for their businesses.

“In the last financial year, J&K Bank was given a target to provide credit facility to the accounts of 60,000 entrepreneurs and we have ensured credit of Rs 3579 crore to 81,238 accounts, very well exceeding the target,” the LG noted.

The LG informed that MSMEs from the manufacturing and service sectors contribute 8 percent to the GSDP of Jammu and Kashmir. Our GDP in this financial year is estimated to reach Rs 2,03,716 crore which will be 7.5 percent higher than last financial year, he further observed.

“J&K is making rapid strides in both manufacturing as well as the service sector. Setting up a biotech park at Kathua will help us to exploit the opportunities in sunrise areas and further open up opportunities in the knowledge economy,” the LG noted.

Highlighting the need to adopt holistic approach to tackle fast-moving global business scenario, the LG advised all stakeholders to pay special attention to three priorities — sustainability in business, brand-building with focus on market & customer research and quality, time-bound service & value addition.

The LG also visited the stalls of MSMEs & other stakeholders from J&K displaying the local products.

Vivek Bhardwaj, Additional Chief Secretary, Industries & Commerce Department; Sarmad Hafeez, Secretary to the Government, Tourism Department;  Rajnish Goenka , Chairman, MSME Development Forum, besides foreign and domestic business delegates, investors, entrepreneurs and members of MSMEs were present on the occasion.

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