‘Post August 2019, J&K’s MSMEs export recorded 54% growth; importer-exporter registration went up by 173%’

The LG said that after August 2019, J&K's economy had been living up to its expectation.
Expressing gratitude toward Prime Minister Narendra Modi for bringing a revolution in the MSME sector, the LG said that in the last 8 years, the MSME sector had undergone a rapid change.
Expressing gratitude toward Prime Minister Narendra Modi for bringing a revolution in the MSME sector, the LG said that in the last 8 years, the MSME sector had undergone a rapid change.Special arrangement

New Delhi: Inaugurating the 8th India International MSME Start-up Expo and Summit in New Delhi, Lieutenant Governor Manoj Sinha Thursday said that the Jammu and Kashmir government was focusing to rejuvenate the traditional Micro, Small & Medium Enterprises (MSMEs).

An official spokesman in a statement issued here said that speaking at the expo the LG said that the J&K government’s focus was to rejuvenate traditional MSMEs with greater access to credit and market linkage to ensure a higher growth trajectory for MSMEs.

The expo provides a much-needed platform for SMEs, startups, trade, industry, and service providers to explore new opportunities, and buyers-sellers meet and knowledge sharing about various schemes of the J&K government and Centre.

Expressing gratitude toward Prime Minister Narendra Modi for bringing a revolution in the MSME sector, the LG said that in the last 8 years, the MSME sector had undergone a rapid change.

“New strength, resilience and global competitiveness of MSMEs will make India a preferred destination for manufacturing for the world,” he said.

The LG said that the Indian MSME sector today could be described as a Magical, Steadfast, Magnificent Enterprise, which was 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 said. “MSME is the nerve center of the country's business.” The LG said that Productivity, connectivity, and Standardisation were three important factors for MSMEs sustained growth.

“Vocal for local, district export hubs, GeM portal, market linkage of domestic and global value chains, all these interventions are results of PM’s efforts to ensure that MSMEs contribute to realise the vision of Aatma Nirbhar Bharat and Aatma Nirbhar Jammu Kashmir,” he said. “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 with confidence.”

The LG said that after August 2019, J&K's economy had been living up to its expectation.

“In FY 2021-22, MSMEs export registered 54 percent growth and importer-exporter registration has gone up by 173 percent. Strategic focus on food processing, handicraft, and organic products has stimulated the economic growth,” the LG said. “J&K has one of the fastest growing horticulture markets in the country. Our strengths in natural resources and skilled workforce, best in class incentives through new Industrial development scheme are well known and make J&K an ideal MSME destination.”

Highlighting the government’s endeavours to empower MSMEs, he said that JKTPO was continuously organising buyers-sellers meetings, exhibitions, and capacity-building programmes 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, exceeding the target,” the LG said. “MSMEs from the manufacturing and service sectors contribute 8 percent to the GSDP of J&K. 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 said that J&K was making rapid strides in both manufacturing as well as the services sector.

“Setting up a biotech park at Kathua will help us exploit the opportunities in sunrise areas and further open up opportunities in the knowledge economy,” the LG said.

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

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

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

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