SRINAGAR: Since August 2019, Jammu and Kashmir’s economy has been living up to the expectations, LG said after inaugurating the 8th India International MSME Start-up Expo and Summit in New Delhi.
“In FY 2021-22, MSMEs export registered 54 per cent growth and importer-exporter registration has gone up by 173%. Strategic focus on food processing, handicraft and organic products has stimulated the economic growth,” the Lt Governor said.
Terming J&K as one of the fastest growing horticulture markets in the country, Sinha said its strengths in natural resources and skilled workforce, best in class incentives through new Industrial development Scheme are well known and make J&K an ideal MSME destination, a spokesman quoted him saying at the Summit.
Highlighting the government’s endeavours to empower MSMEs, the Lt Governor said that JKTPO is continuously organizing Buyers-Sellers Meetings, Exhibitions, and Capacity Building programs to provide entrepreneurs with requisite support for their businesses.
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.