J&K Bank hosts interactive session with exporters, rolls out FX-Retail platform

Srinagar, July 2: With a view to strengthen its bond further, J&K Bank hosted a significant interactive session with Kashmir-based exporters here today at the SKICC. The event marked a milestone in the Bank's ongoing efforts to bolster the export sector - a critical component of the economy that significantly contributes to GDP growth, employment and foreign exchange earnings for the country.

In his keynote address, J&K Bank MD & CEO Baldev Prakash highlighted the substantial potential for growth in India's export sector. "Though India contributes 3.1% to the global GDP, our export contribution stands at a mere 1.6%. With the current opportunities, there is immense potential, scope, and triggers for growth," he stated.

Additional Commissioner, customs (Amritsar Circle) Joginder Singh, President, Kashmir Chamber of Commerce & Industry (KCCI) Javid Ahmad Tenga were present at the session that was attended by the Bank’s Executive Director Sudhir Gupta, General Manager (Credit) Ashutosh Sareen, General Manager (Govt. Business) Syed Rais Maqbool, Divisional Head (Kashmir) Shabir Ahmad,  Zonal Head (Srinagar) Raja Zaffar and other senior officials.

MD & CEO underscored several key factors driving India's robust growth in exports, including acquisitions abroad, government schemes like Duty Drawback, Production Linked Incentive, Interest Equalization, and Remission of Duties and Taxes on Exported Products, along with Foreign Direct Investment (FDI) and the Make in India Initiative.

He emphasized the need to address the factors that restrict India to below a 2% share of the global export market despite having 20% of the world’s working-age population. "Learnings from countries that have successfully become competitive in global markets show that export business requires the right target, efficient strategy and focused execution," he added.

Speaking on the occasion, Additional Commissioner customs , Joginder Singh said, “It is quite gratifying to see all stakeholders involved in the export business coming together to discuss the crucial issues."

"To ensure hassle-free and smooth export processes, we must upgrade our systems and infrastructure. And I am hopeful that J&K Bank will continue such interactions to strengthen bonds with the exporters and take forward this great initiative to realise the real potential in the export business of J&K and Ladakh", he added.

In his address, President (KCCI) Javid Ahmad Tenga praised J&K Bank for its significant role in supporting the region's economy. "J&K Bank has a very important role in maintaining the health of J&K's economy. And bringing down the NPA from 11% to around 4% is an achievement in itself. The Bank has seen tremendous growth in recent times, so much so that our honourable Prime Minister mentioned J&K Bank’s growth story during one of his media interactions. J&K Bank, particularly the management led by Baldev Prakash, deserves all accolades for this.”