The Indian Chamber of Commerce (ICC) Jammu recently presented a detailed representation of the economic and sectoral concerns of Micro, Small and Medium Enterprises (MSMEs) to the Reserve Bank of India (RBI) during its 67th Empowered Committee Meeting. Led by Chairman Rahul Sahai, the ICC Jammu delegation, which included Sanjay Aggarwal, met with the RBI’s Regional Director, Chander Shekhar Azad, in Jammu. The meeting was held ahead of the 79th Independence Day, and the ICC Jammu took the opportunity to appreciate the RBI for providing a platform for industry stakeholders and the banking sector to interact.
The ICC Jammu highlighted the current global trade challenges, particularly the impact of the tariff measures imposed by the USA on several countries, including India. Sahai noted that sectors such as pharmaceuticals, textiles, and yarns in Jammu and Kashmir are feeling the effects of these challenges. To mitigate the impact, the ICC Jammu urged the RBI to advise banks to adopt a more liberal and supportive approach towards affected MSMEs during this stressed period.
The ICC Jammu made several key recommendations to the RBI, including the liberal renewal of credit limits for MSMEs, the introduction of special loan schemes for stressed MSMEs, and the organization of CIBIL score improvement workshops in collaboration with credit agencies. These workshops would help entrepreneurs enhance their credit profiles and improve their access to credit. The ICC Jammu believes that these measures would help MSMEs in Jammu and Kashmir navigate the current challenges and contribute to the region’s economic growth.
Overall, the ICC Jammu’s representation to the RBI highlighted the need for a supportive and enabling environment for MSMEs in Jammu and Kashmir. By working together, the industry stakeholders, the banking sector, and the RBI can help mitigate the impact of global trade challenges and promote economic growth in the region. The ICC Jammu’s recommendations are aimed at providing relief to MSMEs and promoting their development, which is critical for the region’s economic prosperity.