Ease of Doing Business for MSMEs: The micro, small and medium enterprises’ (MSMEs) export from Jammu and Kashmir registered 54 per cent growth in the financial year 2021-22 with strategic focus on food processing, handicraft and organic products, said Lieutenant Governor of Jammu and Kashmir Manoj Sinha at the inaugural event of 8th India International MSME Start-up Expo and Summit in New Delhi. Moreover, the number of importer-exporter registration in the state has increased by 173 per cent in the last financial year, he added.
MSMEs in the service and manufacturing sector contribute to eight per cent of the total GDP of the union territory and the Jammu and Kashmir Trade Promotion Organisation (JKTPO) has been providing support to them with buyers-sellers meetings, exhibitions and capacity building programmes, said Sinha. JKTPO is a Government of India initiative to enable and promote trade-related activities and infrastructure in J&K.
The LG pointed out that natural resources and skilled workforce were the strengths of Jammu and Kashmir.
Sinha observed that J&K’s economy had been living up to its expectation after August 2019.
“Vocal for local, district export hubs, GeM portal, market linkage of domestic and global value chains ensure that MSMEs contribute to realise the vision of Aatma Nirbhar Bharat and Aatma Nirbhar Jammu Kashmir,” he said. The MSMEs and other industries in the UT have benefited from the government’s policies and provisions of financial assistance, hence boosting the confidence of the businesses, Sinha asserted.
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The Jammu and Kashmir Bank has provided credit of Rs 3,579 crore to 81,238 entrepreneurs in the last financial year, crossing the target of ensuring credit to 60,000 accounts, he highlighted.
