Development of strong corporate sector essential for industrialization: CM
Excelsior Correspondent
SRINAGAR, May 25: Union Minister for Corporate Affairs, Veerappa Moily today said that Jammu and Kashmir has enough talent to be at par with any State of the country in terms of development but there should be a passion among the youth to move towards positive direction.
“The youth of Jammu and Kashmir can do whatever anyone else in the Country can do but there should be a passion to move in the positive direction,” Moily said in his address at the 13th National Conference of Practicing Company Secretaries here.
Lauding the leadership of Chief Minister Omar Abdullah, Moily said the high number of successful candidates in the recent Union Civil Services Examinations and excellent performance of Jammu and Kashmir Bank were indicators of good acumen and IQ of the people of the State.
“JK Bank can be role model for other banks in the country. It has the lowest NPA and raising profits,” he said. “I salute the people of this place for their intelligence, acumen and ability to address the difficulties, deal with challenging situations and make way through all odds towards success,” he added.
“The people of the State have been denied opportunities (due to geography) … we need to provide them the opportunities to excel,” he further said.
Identifying agriculture, horticulture, IT, food processing and cultivation of cash crops as core area for launch of industries in the State, Moily said MSME sector offers all the more promises for the growth and development of State’s economy. “This is the sector which can provide large scale self employment to the youth of Jammu and Kashmir which constitutes about 70 per cent of the population in the State,” he said.
He suggested organizing of 10-Member Producers’ Companies by farmers, artisans, horticulturists and others associated in agriculture and allied sectors to yield business and get benefited under the provisions of Company Act. He said a New Company Act is under preparation which would enhance the role of Company Secretaries in the development of disciplined industries in the country.
Addressing the conference, Chief Minister, Omar Abdullah underlined the importance of development of strong corporate sector in the State to move ahead on the path of industrialization in the State.
“A sound and well governed corporate sector in the State will be instrumental to rope in investment and partnership from big business houses in the State and open new windows for employment and economic activities”, he further said.
He said that geographical constraints and distance from the raw material though makes the State especially Valley in disadvantageous position for heavy and large industries, yet this part of the country is highly feasible with greater potential for agro-based and IT related industries. “We have a great potential in MSME sector and Government is focusing on its development to provide jobs to the unemployed youth of the State on a greater spectrum”, he added.
On the growth and performance of Jammu and Kashmir Bank, the Chief Minister lauded the management of the Bank headed by its present Chairman, Mushtaq Ahmad for showing remarkable headway even under challenging circumstances and pressures on the growth of economy world over.
Calling for erasing negative perception from the minds of Indian people regarding visiting Valley, he sought the help of Company Secretaries from all over the country participating in 2-day National Conference to carry the message of normalcy, hospitality and openness to trade and travel from this place to the people outside.
“You have to act our messengers to tell the people in the country about the normalcy rooting fast in the State and the openness of the society for business and tourism”, he told the Company Secretaries, adding that hospitality of the people from here require your special mentioning at your places.
The conference was also addressed by Union Secretary for Cooperate Affairs, Naveed Masood, Chairman J&K Bank, Mushtaq Ahmad, President Institute of Company Secretaries of India, Nesar Ahmad, Chairman PC, Umash Dev and Divisional Commissioner, Asgar Samoon, Chairman Northern Council, Rajeev Bajaj, Chairman Srinagar Chapter, Pervez Ahmad, Secretary of Institute, V K Jain and Vice Chairman Srinagar Chapter, Showkat Ahmad Rafiqi.
Later, the Union Minister called on Omar in the afternoon and discussed matters relating to the development of corporate sector and industries.
The Chief Minister identified the areas where Jammu and Kashmir need to be focused in the union development policy for the Corporate Sector. He said well organized and strong corporate sector of locals in the State could help in a big way to encourage outside business houses to invest here and enter into the partnership for launch of projects in the PPP mode and also in collaboration with Government concerns.
The Union Minister assured full support of his ministry to the State in its pursuit to develop strong corporate sector and encourage growth and development of MSME sector to generate wide-ranging economic activities and providing opportunities to educated youth to venture in the field of industries and trade.
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