PHDCCI-K advocates for entrepreneurial reforms

Srinagar, Jan 7: A delegation from the PHDCCI Kashmir, led by Co-Chairs Himayu Wani and Javaid Anim, engaged with the Department-related Parliamentary Standing Committee on Industry during their visit to Srinagar.

The meeting aimed to tackle pressing challenges faced by entrepreneurs in the region.

The delegation presented a detailed overview of the difficulties local businesses encounter to Tiruchi Siva, Chairman of the committee. A key highlight of the discussion was Chairman Siva’s request for banks to connect with the Reserve Bank of India (RBI) to relax CIBIL scores for affected entrepreneurs, particularly those impacted by COVID-19 and the reorganisation of Jammu & Kashmir. The committee plans to formally reach out to the RBI to support this essential credit score adjustment, addressing the urgent need for reforms to improve the financial landscape for local enterprises.

The PHDCCI also brought attention to vital issues reshaping the industrial landscape in Jammu and Kashmir. They advocated for the establishment of an industrial policy akin to that of the Northeast region and underscored the need for timely disbursement of incentives and payments to Micro, Small, and Medium Enterprises (MSMEs). The delegation urged the reduction of rejection rates for the Prime Minister's Employment Generation Programme (PMEGP) loans and called for the inclusion of Home Stay activities under the PMEGP scheme to ensure immediate support for eager entrepreneurs.

Moreover, the PHDCCI highlighted the need to simplify PMEGP processes for young entrepreneurs and advocated for collateral-free credit under the CGTMSE Scheme, aiming to enhance access to funding and resources for the next generation of business leaders in the region.