SRINAGAR, JANUARY 07: The delegation from PHDCCI Kashmir, led by Co-Chairs Himayu Wani and Javaid Anim, met with the Department-related Parliamentary Standing Committee on Industry. This important meeting took place during the committee’s visit to Srinagar, where they interacted with local stakeholders to discuss pressing issues in the region.
The delegation delivered a comprehensive presentation to Tiruchi Siva, the Chairman of the committee, underscoring the hardships faced by entrepreneurs. During this interaction, Chairman Siva made a pivotal note regarding the relaxation of CIBIL scores for affected entrepreneurs. He instructed the banks to reach out to the Reserve Bank of India (RBI) for this necessary credit score relaxation during the specified period of COVID and the reorganisation of J&K. Additionally, the Department-related Parliamentary Standing Committee on Industry will formally communicate with the RBI to support this initiative, addressing the urgent need for reforms to enhance the financial viability of local businesses.
PHDCCI also highlighted several critical issues affecting the industrial landscape in Jammu and Kashmir, including the need for an industrial policy similar to that implemented in the Northeast region. The delegation emphasized the importance of the timely release of incentives and payments to Micro, Small, and Medium Enterprises (MSMEs), as well as reducing the rejection rates of Prime Minister’s Employment Generation Programme (PMEGP) loans.
It was also requested to include the Home Stay activity under the PMEGP scheme so that interested entrepreneurs receive necessary immediate support from the government. Furthermore, PHDCCI Kashmir called for enhanced ease in PMEGP cases specifically for young entrepreneurs and advocated for collateral-free credit under the CGTMSE scheme, enabling better access to funding and resources for the next generation of business leaders.