The North Zone MSME Conclave and Investors Meet, organized by Laghu Udyog Bharati, was addressed by Lieutenant Governor Shri Manoj Sinha on April 23, 2023. In his speech, he shared the key initiatives of the J&K administration to facilitate the MSMEs in the UT and harness its unlimited potential. He emphasized that the GOI has taken several steps to promote the growth and development of MSMEs in the country, accounting for more than 30% of India’s GDP and 49.5% of exports, contributing significantly to economic growth. He underlined that the MSMEs would be the driving force behind future economic growth, and the J&K administration has taken several steps to provide investment in innovation skills, MSME-centric industrial estates, access to financing, incentives, and adequate infrastructure to boost MSME growth. He also highlighted the importance of the private sector in the UT’s growth and asked potential investors to take advantage of the business-friendly environment developed for the industries. The Lt Governor also stated that industrial development in J&K aims to create a more inclusive, creative and sustainable society, playing a significant role as the new engine of India’s growth in the future. The new industrial scheme focuses on enabling an environment to create jobs and increase productivity, and all 20 districts are being developed as export hubs, with emphasis on the promotion of products that will boost MSME growth. For MSMEs, integrated processing facilities, giant food parks, and cold chain logistics hold enormous promise. The Lt Governor said that the Holistic Agriculture & Allied Sector Development Plan, worth Rs. 5013 crores, will accelerate MSMEs’ growth in J&K UT. The Lt. Governor emphasized the efficient steps made to support MSMEs, such as the requirement that 25% of government agencies and public sector businesses purchase their goods and services from MSMEs and the functioning local filter on the GeM platform. He added that 2 lakh MSME units, 38,000 of which are run by women, have been registered in J&K since the Udyam Registration platform was launched in 2020. More than Rs 500 crore in support was given to 18,000 women-owned businesses during the most recent fiscal year through the credit guarantee program. In accordance with PMEGP, an unprecedented 21,640 manufacturing and service units were established in 2021–2022; additionally, 42 industrial estates, of which 34 will be geared toward MSMEs, will be built in Jammu and Kashmir during the years to come. He also emphasized the initiatives being taken to enhance and improve the industrial ecosystem. He noted that extensive changes to the infrastructure, banking, and basic utilities have secured stability and increased the inclusiveness of the UT’s growth. After 5th August 2019, fear-free, corruption-free administration has become an integral part of the work culture. A record 1.88 crore tourists visited Jammu Kashmir last year, and the first Foreign Direct Investment in J&K has taken shape with the ground-breaking ceremony of Emaar Mall at Srinagar. IT towers are also coming up in Jammu and Srinagar.
The Lt. Governor emphasized that Jammu and Kashmir offers an abundance of resources, better incentives, a better return on investment, land for establishing industries and business ventures, skilled labour, technical support, improved connectivity, national and international air cargo facilities, raw materials, the cheapest electricity, the lowest crime rate, single-window clearance, and ease of doing business. There has been substantial progress made in J&K toward industrial growth, and in the previous two years, Jammu and Kashmir has received 5,372 investment offers totalling Rs 70,000 crore. The MSME sector in Jammu & Kashmir has a bold and hopeful future. The administration’s numerous initiatives show his unshakable dedication to fostering MSMEs as sources of economic growth and job creation in the UT. Lt. Governor Sinha’s strategy is focused on developing a thriving and sustainable MSME ecosystem in Jammu and Kashmir. This includes building an environment that is favourable for business, offering incentives, improving infrastructure, promoting gender inclusivity, and encouraging innovation and collaboration. Focusing on utilizing Jammu and Kashmir’s distinct advantages, including as its strategic location, natural resources, workforce, and tourism potential, is anticipated to open up new chances for MSMEs and support the UT’s overall economic growth.
In general, Lt Governor Sinha’s strategy for the MSME sector in Jammu and Kashmir is forward-looking, inclusive, and centred on sustainable economic growth. The proactive steps the administration has made to assist and promote MSMEs are anticipated to foster an environment that will allow companies to thrive, create job opportunities, and advance the socioeconomic progress of the UT as a whole. The central government’s goal of turning India into a hub for MSMEs is consistent with the Sinha’s vision for Jammu and Kashmir’s MSME sector. With the ongoing reforms, initiatives, and backing from the government, Jammu and Kashmir’s MSMEs are set up for growth and are anticipated to be extremely important to the future growth of the UT’s economy.