Investing in J&K a national responsibility, not just business: LG
Srinagar, Nov 1: Lieutenant Governor Manoj Sinha on Saturday said that the rapid development of J&K’s Micro, Small, and Medium-sized Enterprises (MSMEs) and startups was the collective responsibility of investors.
Speaking at the first-ever ‘Self-Reliant India (SRI) Fund Outreach’ event held in Srinagar, LG Sinha told the Venture Capitalists (VCs) and investors that the rapid development of J&K’s MSMEs and startups was the collective responsibility of investors and their duty towards the nation.
“Industrial development of J&K and rejuvenation of startups and MSMEs is not merely a business exercise,” he said.
The LG asked the Venture Capitalists (VCs) and investors to assess the capabilities of individual entrepreneurs, the potential of Jammu and Kashmir, and the business venture with full sensitivity and responsibility.
“Entrepreneurs, investors, and policy-makers are gathered here today at one place, and I am confident that a new era has begun for startups and MSMEs,” he said. “The investors of J&K will directly benefit from the reforms that Prime Minister Narendra Modi is giving new impetus to with the resolve of a self-reliant India.”
LG Sinha also called for providing better resources and opportunities to the young and budding entrepreneurs of J&K. “We must leverage the existing strengths, better infrastructure, build strong linkages between J&K’s industrial ecosystem and national financial institutions, and bridge the funding gap for MSMEs and startups,” he said.
The LG congratulated the Union Ministry of MSME, NSIC Venture Capital Fund Limited (NVCFL), Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), and J&K Department of Industries and Commerce for this landmark initiative to connect the start-ups and MSME entrepreneurs of J&K with VC firms and institutional investors.
He said the event will build awareness about the SRI Fund and inform the entrepreneurs about its active role in bridging the funding gap for MSMEs.
The main objective of the SRI Fund is to enhance access to equity capital for MSMEs and startups and extend the reach of Venture Capital to emerging regions.
The SRI Fund, launched under the Aatmanirbhar Bharat Abhiyan, is a Rs 50,000 crore fund of funds scheme designed to promote growth-oriented MSMEs through a Mother Fund-Daughter Fund structure.
The event will introduce J&K-based enterprises to venture capital mechanisms and promote equity-based financing options for business growth and expansion.
Joint Secretary, Ministry of MSME, Government of India, Mercy Epao; Commissioner Secretary, Industries and Commerce Department, J&K, Vikramjit Singh; Chairman, NVCFL, Subhranshu Sekhar Acharya; Deputy Commissioner Srinagar, Akshay Labroo; Director JKEDI, Khalid Jahangir; Director Handicrafts and Handlooms, Kashmir, Mussarat Zia; senior officials, members of NSIC Venture Capital Fund Limited, officials of Industries and Commerce, JKEDI, business leaders, Venture Capitalists, investors, representatives of MSMEs and entrepreneurs were also present on the occasion.
