Investment in J&K from large firms is welcome but focus on MSMEs must for entrepreneurship: LG Murmu

By: |
Published: February 16, 2020 6:35:33 PM

Ease of Doing Business for MSMEs: The UT will conduct roadshows across the country from February 17 onwards to boost investment in Jammu and Kashmir's industrial sector.

“MSME sector has the potential for providing mass scale employment to local youth,” said Murmu.

Ease of Doing Business for MSMEs: Ahead of the Jammu and Kashmir’s Global Investors Summit, the newly formed union territory (UT) is seeking increased focus on its micro, small, and medium enterprises. Jammu and Kashmir Lieutenant Governor Girish Chandra Murmu said that while giving a lot of attention to attract investment from large industrial houses in India is a welcome step for rapid industrialisation but the focus is also needed on the MSME sector too, PTI reported. The UT will have roadshows across the country from February 17 onwards to boost investment in its industrial sector.

“MSME sector has the potential for providing mass scale employment to local youth,” said Murmu adding that it can also offer an opportunity to establish their units to the youth at comparatively less investment. Jammu and Kashmir has planned to send its top 54 officers to conduct roadshows. Every roadshow will showcase a specific sector to attract investment into it.

Also read: ‘Terrible’ WeWork gave outsized headache; ignored promise of sustainability for growth, says investor

Local industry association focusing on small businesses — Bari Brahmana Industries Association (BBIA) said roadshows and summit will also help in employment generation for the local youth apart from getting investments. While the association is getting queries from prospective investors however they are awaiting “announcement of Central and state government fiscal incentives and the industrial policy which is under active consideration of the administration,” said Lalit Mahajan, President, BBIA.

Due to disadvantages of location, shallow market due to hostile neighbouring countries and other related issues for long, Mahajan said the UT requires “long term fiscal incentives for the inter-state sale and also for the intra-state sale to compensate the additional cost of raw materials and dispatch of finished goods to attract new investment.” According to BBIA, a single-man unit has to go through at least 37 inspections, 52 laws, and 116 forms and registers. Hence, “the government should try to frame single legislation for the small scale sector which would reduce procedural hassles and do away with the Inspectorism.” The Global Investors’ Summit is reportedly taking place in April this year.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Now startups to help govt tackle terrorism; entrepreneurs to work with National Security Guard
2Uber cabs to become new billboards for ads as company looks to enter this new business
3Coronavirus: China’s small businesses likely to take maximum hit as MSMEs dominate affected region