SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) has hailed the provisions in the union budget for fostering of MSME ecosystem in the country and has hoped that the J&K government will take cue from such initiatives in order to formulate a robust plan to revive and up-scale the otherwise dilapidated MSME sector in J&K.
Reacting over the budget unveiled by the Union Finance Minister on Tuesday, FCIK expressed satisfaction over the special attention afforded to MSMEs particularly to the labour-intensive manufacturing sector.
“Specific changes in financing, regulation, and technology support formulated in the union budget besides measures for sustainability and up-scaling of skill will surely help MSMEs in their revival, growth and competition,” FCIK President Shahid Kamili said in a statement issued here.
He said that introduction of a credit guarantee scheme for facilitating term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantee was a welcome step likely to modernize existing units to take up challenges of growing competition.
“The seamless access to credit and other reformatory provisions including providing of credit during tough times and enhanced limit of Mudra loan will empower MSMEs to scale their operations,” Kamili said.
While hailing the initiatives enabling MSMEs and traditional artisans to sell their products in international markets including setting up of E-Commerce Export Hubs in Public-Private-Partnership (PPP) mode, the President FCIK hoped that the seamless regulatory and logistic framework would facilitate export of handicrafts related services.
The President FCIK said that the steps being initiated by the union government aimed at devising a well-rounded plan to boost development of manufacturing and service sector MSMEs with high potential for creating jobs.
The FCIK has hoped that the J&K government will follow the plan and initiate revival and rejuvenation programme for stressful MSMEs currently craving for marketing support and freedom from debt trap. The President FCIK said that demands made by his organisation were in tune with the intent of union government about supporting MSMEs for employment generation and overall economic growth.

KR Desk