To facilitate finance for small and medium enterprise, Confederation of Indian Industry (CII) today launched online Finance Facilitation Centre here. The centre which will provide SMEs access to credit at reasonable rates was inaugurated by the MoS Industries and Commerce Farooq Ahmad Andrabi, according to a statement issued by the CII.
"While our state has all the required components for industrial growth and excellent air and road connectivity in comparison to other hill states of country, our industrialists lack the much needed exposure in skills development, capacity building, manufacturing practices, financing services etc. I would like to promise our industrialists from this platform that Government of J&K is dedicated for the development and positive growth," Andrabi said according to the statement.
"I am thankful to CII for this initiative and welcome CII to become our partner for growth and development in our state. The youth of our state needs a pool of opportunities and CII can play a vital part in doing so. I would welcome CII to join hands with government in development and nurturing entrepreneurs of our state," he added.
Rajesh Sharma, Managing Director, SRA Food & Beverages said: "MSME is the most vibrant sector that is the largest producers of jobs in the country. It directly effects the economy and exports. While the Government has taken several measures to promote the SME sector, however access to credit remains a major issue which needs urgent attention."
Chairman, CII J&K State Council, Sheikh Imran said, "CII has taken various steps to provide an ecosystem for SMEs, one such being the launch of CII SME Finance Facilitation Centre, to ensure that SMEs can get access to credit at reasonable rates to empower them to meet their demand for working capital as well as for expansion and diversification. We have set up an Online SME Finance Facilitation Centre to encounter the problems observed in the process and system. The Centre addresses all credit related requirements wherein SMEs can access credit facilitation without any complications. We have partnered with several Banks and NBFCs for these credit facilitation services and have processed credit proposals of more than Rs 550 crore till now."
"It is imperative for us to enhance our levels of competitiveness and also give due importance to technology and innovation. CII with its nine centres of Excellence has been strengthening MSMEs from last several decades. CII SME Finance Facilitation Centre will only enhance the portfolio. We are thankful to the state government for supporting such initiatives," said Rahul Sahai, Vice Chairman, CII J&K State Council.
Prof BC Sharma, Director, Business School; Jaspal Singh, Plant Head, Grauer & Weil India Ltd; Vinay Sawhney, DGM, J&K Bank; Rakesh Bhan, Chief Manager, State Bank of India; DK Gupta, Deputy Regional Head, Union Bank of India; Amrit Pal Singh, Regional Sales Manager, CRISIL Ratings attended the programme and interacted with the present industrialists.