PHDCCI advocates Special Economic Zone status for Kashmir

Srinagar, Nov 4: In a move aimed at bolstering the economic outlook of the Kashmir region, a delegation from the PHD Chamber of Commerce and Industry (PHDCCI) has put forth a sweeping set of recommendations before a Parliamentary Committee. The proposals, presented with the objective of stimulating economic growth and offering vital assistance to the existing Micro, Small, and Medium Enterprises (MSMEs), encapsulate a forward-looking vision for the region.

Central to the delegation's suggestions is the formal declaration of the Kashmir region as a Special Economic Zone, an initiative poised to unlock its immense economic potential. In addition, the delegation stressed the critical importance of providing marketing support to the existing MSMEs, streamlining regulatory norms to aid Kashmir's businesses, and establishing a significant 25% allocation of public procurement through MSMEs, all of which are pivotal to catalyzing economic development and creating new opportunities for the region.

PHDCCI Kashmir delegation led by A P Vicky Shaw, Chair of the Kashmir region held an exclusive meeting with the Department-Related Parliamentary Standing Committee on Industry. The meeting, chaired by Rajya Sabha MP Yajnik Amee Harshadray, was held to discuss and present the PHDCCI detailed suggestions on industry and MSME in J&K.

During the meeting, the PHDCCI delegation presented a comprehensive set of recommendations to the Committee, aiming to enhance the economic prospects of the Kashmir region and provide much-needed support to existing MSMEs. Among the key recommendations put forth were the declaration of the Kashmir region as a Special Economic Zone, marketing support for existing MSMEs, relaxation in RBI norms for Kashmir, and the implementation of 25% of public procurement through MSMEs.

The PHDCCI also emphasised the urgent need for the implementation of various measures, including the enhancement of the effectiveness of the Micro and Small Enterprise Facilitation Council (MSEFC) regarding delayed payments, the establishment of a Delayed Payment Monitoring System, and the introduction of a Revival and Rehabilitation Scheme for sick MSMEs. Additionally, the delegation stressed the importance of streamlining the entrepreneurial process through the effective implementation of a Single Window Clearance system.

To further support the growth of MSMEs, the Chamber proposed the provision of grants for the establishment of showrooms and warehousing facilities at local, national, and international levels under the MSE-CDP Scheme. The delegation also highlighted the need to address land availability and streamline land use change procedures for prospective entrepreneurs. Moreover, they recommended adopting a cluster-based approach for the development of different clusters under the MSE CDP Clusters, based on area, sector, and activity.

The parliamentarians in the Committee attentively listened to the PHDCCI delegation and expressed their appreciation for the unique and innovative recommendations put forward by the industry. They assured the delegation that they would recommend all the points and suggestions made by the Chamber, recognizing their potential to drive positive change and foster growth in the region.

The Chamber delegation extends its gratitude to the Department-Related Parliamentary Standing Committee on Industry for the opportunity to present these vital recommendations, and remains committed to working collaboratively towards the betterment of the industry and MSMEs in J&K.