Lieutenant Governor Manoj Sinha inaugurated the 8th India International MSME Start-up Expo & Summit at New Delhi.
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.
The Lt Governor 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, he added.
The industry centric policies, provisions of financial assistance, handholding to new and existing enterprises have encouraged MSMEs and other industries in J&K.
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 Lt Governor 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, the Lt Governor further added.
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, the Lt Governor noted.
The Lt Governor 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, he further observed.
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, the Lt Governor noted.
The Lt Governor also visited the stalls of MSMEs & other stakeholders from J&K displaying the local products.