JAMMU: Rahul Sahai, Chairman, Indian Chamber of Commerce (ICC), Jammu Chapter, welcomed Shri Prabhakar Jha, the new Regional Director of the Reserve Bank of India for Jammu, Kashmir & Ladakh, during RBI’s 71st Empowered Committee Meeting held in Jammu.
Sahai congratulated Shri Jha on his new responsibility and expressed confidence that under his leadership, RBI’s engagement with industry and MSMEs in J&K and Ladakh would be further strengthened. He also appreciated Shri Chander Shekhar Azad, Vibha Ji and the RBI team for their prompt and encouraging response to ICC’s earlier representations.
During the meeting, Sahai submitted a detailed representation highlighting key economic and sectoral concerns of MSMEs, particularly in view of the volatile geopolitical situation in West Asia and the consequent increase and fluctuations in prices of essential raw materials.
ICC Jammu sought stronger implementation of TReDS, including onboarding of eligible corporates, Government Departments and PSUs, to ensure timely payments and improve MSME liquidity. It also advocated easier and concessional financing for rooftop solar and renewable-energy projects, along with greater awareness and counselling for MSMEs on CIBIL scores, financial discipline and creditworthiness.
Sahai also highlighted the need for an early rollout of a new Industrial Incentive Policy for Jammu & Kashmir, stating that policy uncertainty was affecting fresh investments, industrial expansion and credit growth.
ICC further recommended dedicated financial products for natural farming, organic agriculture, FPOs and agri-processing enterprises, besides faster MSME loan processing, flexible working-capital assessment, timely restructuring of viable stressed units, stronger grievance redressal and greater branch-level empowerment.
“A responsive banking ecosystem, adequate liquidity and policy certainty are essential for MSMEs to withstand the present economic and geopolitical uncertainties. RBI’s continued engagement with industry will play an important role in strengthening investment, employment and economic growth in Jammu & Kashmir,” Sahai said.
ICC Jammu reiterated its commitment to working closely with RBI, Government agencies and financial institutions for strengthening the MSME, trade and industrial ecosystem across the region.
