J&K’s Economy Living Up To Expectations After Aug 2019: LG Sinha

New Delhi- Asserting that Jammu and Kashmir’s economy has been living up to the expectation since August 2019, the Lieutenant Governor, Manoj Sinha said on Thursday that in the financial year 2021-2022, Micro small & medium enterprises (MSMEs)export registered 54% growth and importer-exporter registration has gone up by 173% in the Union Territory.

Sinha made these remarks during the inauguration of the 8th India International MSME Start-up Expo & Summit at New Delhi on Thursday, an official spokesperson said.

He said that the Expo provides a much needed platform to SMEs, startups, trade, industry, service providers to explore new opportunities, buyers-sellers meet, sharing knowledge about central/state’s/UTs schemes etc.

Expressing gratitude towards Prime Minister Narendra Modi for bringing a revolution in the MSME sector, the LG, as per the spokesperson said that in the last 8 years the MSME sector has undergone very rapid change.

“New strength, resilience and global competitiveness of MSMEs will make India a preferred destination for manufacturing for the world,” the LG said.

Sinha, according to the spokesperson, said that the Indian MSME sector today can be described as magical, steadfast, magnificent enterprises, which is contributing nearly 45% of overall India’s exports.

“The number of initiatives under Aatma Nirbhar Bharat Abhiyan is driving economic progress and social development,” Sinha said.

“MSME is the nerve center of the country’s business. Our focus is to rejuvenate traditional MSME’s with greater access to credit and market linkage to ensure a higher growth trajectory for MSMEs,” he added.

The spokesperson further said that the LG termed productivity, connectivity & standardization as three important factors for MSME’s sustained growth.

“Vocal for local, District Export hubs, GeM portal, market linkage of domestic & global value chains, all these interventions are results of Hon’ble Prime Minister’s efforts to ensure that MSMEs contribute to realize the vision of Aatma Nirbhar Bharat & Aatma Nirbhar Jammu Kashmir,” the LG said.
The LG said that the industry centric policies, provisions of financial assistance, handholding to new and existing enterprises have encouraged MSMEs and other industries in J&K.

“The business ecosystem is exuding confidence. After August 2019, J&K’s economy has been living up to the expectation. In FY 2021-22, MSMEs export registered 54% growth and importer-exporter registration has gone up by 173%. Strategic focus on food processing, handicraft & organic products has stimulated the economic growth,” the LG said.

“J&K has one of the fastest growing horticulture markets in the country. Our strengths in natural resources & skilled workforce, best in class incentives through new Industrial development Scheme are well known and makes J&K an ideal MSME destination,” he added.

Highlighting the government’s endeavours to empower MSMEs, the LG, as per the spokesperson said that JKTPO is continuously organizing buyers-sellers meetings, exhibitions, and capacity building programs to provide entrepreneurs with requisite support for their businesses.

“In the last financial year, J&K Bank was given a target to provide credit facility to the accounts of 60,000 entrepreneurs and we have ensured credit of Rs 3579 crore to 81,238 accounts, very well exceeding the target,” Sinha said.

The spokesperson said that the LG also informed that MSMEs from the manufacturing and service sectors contribute 8% to the GSDP of Jammu and Kashmir.

“Our GDP in this financial year is estimated to reach Rs 2,03,716 crore which will be 7.5% higher than last financial year,” Sinha said.

“J&K is making rapid strides in both manufacturing as well as the service sector. Setting up a biotech park at Kathua will help us to exploit the opportunities in sunrise areas and further open up opportunities in the knowledge economy,” he added.

The spokesperson said that the LG highlighted the need to adopt a holistic approach to tackle fast-moving global business scenarios and advised all stakeholders to pay special attention to three priorities- sustainability in business, brand-building with focus on market & customer research and quality, time bound service & value addition.

Sinha, he said, also visited the stalls of MSMEs & other stakeholders from J&K displaying the local products.

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