J&K Preferred Destination For Industrial Investments, Films: LG

Jammu- Asserting that Jammu and Kashmir has become one of the preferred destinations for industrial investment, tourism, film industry and real estate sector, the Lieutenant Governor Manoj Sinha said on Tuesday that his government is committed to ensure adequate and timely availability of credit to industrial and different productive sectors of the economy to finance growth.

The Union Territory, Lieutenant Governor made the remarks while reviewing the progress towards financial inclusion by banks in J&K with MK Jain, Deputy Governor RBI, Dr. Arun Kumar Mehta, Chief Secretary and other officials, here on Tuesday, an official spokesperson said.

Sinha, he said, shared the vision of the UT Government for extending the banking and financial services to the doorsteps of the people of J&K.

The LG, he said, also stated that efforts are being made to enable far-flung areas of rural interiors to become fully connected with financial sector.

“To broaden the social base of development, we are enhancing people's access to financial products, promotion of 'One District One Product', institutional credit to women, youth, SMEs, handicrafts, horticulture and various other priority sectors for effective contribution to growth processes of the UT,” Sinha said.

“J&K has become one of the preferred destinations for Industrial investment, Tourism, Film industry and real estate sector. The government is committed to ensure adequate and timely availability of credit to industrial and different productive sectors of the economy to finance growth,” he added.

The LG, as per the spokesperson said that in the last two years, various reforms have been executed to provide opportunities to scheduled commercial banks to expand operations in J&K.

“We will also work together to make our credit lending system more sensitive to the needs of women & youth entrepreneurs, farmers and artisans,” the LG said.

“There is a need for additional banking outlets in rural areas to bring excluded households into the fold of institutional credit and financial services in a structured and sustainable manner,” he added.

Sinha, as per spokesperson said that enabling ecosystem will also bridge the gap between government schemes and people living in geographically difficult terrain.

He said that LG asked the concerned officers to explore all possibilities for extending financial handholding to the eligible beneficiaries through various government schemes and interventions.

According to the spokesperson, the Deputy Governor RBI highlighted the importance of increasing the presence of banks for greater financial inclusion.

“He informed that the implementation of Government Sponsored Schemes is monitored through the UT level Bankers' Committee at periodic intervals,” he said.

He further said that discussions were also held regarding creation of banking infrastructure, streamlining the working of district cooperatives and other banking cooperative societies, effective utilization of funds under NABARD schemes, concerns of the Industries & Commerce sector, availability of banking services, Micro Finance Institutions and NBFCs, and other important issues.

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