The Kashmir Chapter of PHD Chamber of Commerce and Industry (PHDCCI) organized a virtual conference on "procedure for availing benefits of government schemes and alternate source of financing for MSME`s” on Thursday.
In his welcome address Baldev Singh Raina , Chairman, Kashmir Chapter & MD, Peaks Group of Companies welcoming all the participants emphasized that they should vouch for a special economic package for MSME of J&K owing to the lockdown from 2019.
Mushtaq Ahmad Chaya, Mentor PHDCCI-Kashmir threw light on the sectoral issues faced by the Tourism industry, specifically in the hospitality sector for availing various Government incentives and registration of Hotels under MSME`s .
Chaya said that the schemes announced under Atma Nirbhar bharat or the three lakh crore for MSME will not serve any purpose for the tourism sector and impressed upon that there is need of special economic bailout package for the Kashmir region.
Anil Khaitan, former president, PHDCCI & mentor MSME mentoring and guidance Centre, PHDCCI gave the industry perspective.
He said that nowadays MSME`s and Entrepreneurs look for other source of finances for the projects and lack of access to finance is most widely cited constrain for MSME for their growth.
"Therefore we should consider, the subsidized interest rates, Credit Insurance, Collateral free Loans, Separate Stock Exchange for MSME`s to raise money to have access to equity capital," Khaitan said.
In his address Saurabh Sanyal, Secretary General, PHDCCI said that the due to pandemic, MSME sector has got a great push back, therefore in this challenging situation MSME sector should focus on demonstrating data competitiveness and position itself strategically in the global markets.
In his address Dr H.P Kumar, Former CMD, NSIC and Advisor, PHDCCI highlighted that the 100 percent collateral free Rs 3 lakh crores emergency credit line for MSME loans is the most desirable package the government has given to the MSME and all businesses.
Mehmood Ahmad Shah, Director Industries Kashmir in his address said that though this pandemic has jeopardized the economic system there are still areas which can be worked upon in increasing the income part of the enterprises in order to re-stabilize the ecosystem.
Shah added that after Historical developments in Aug-2019 the RBI guidelines for stressed accounts didn`t qualify the most of the accounts and since the entrepreneurs of J&K are in problem from last one year therefore deep restructuring, reclassification of NPA, interest subvention is an essential requirement.
He added the UT even under these circumstances has attracted new investment in Kashmir region at the tune of almost 1000 crore and substantial area of around 5000 Kanals has been added in the land bank of Industries department and "hopefully lot of investments is expected and is on the anvil from the entrepreneurs within and outside J&K. "
Gowher Arif, General Manager-J&K Development Finance Corporation describes the role of his department in disbursing incentives and financing the cases as NBFC and he also ensured that all circulars and guidelines for MSME issued by RBI will be implemented in DFC.