Excelsior Correspondent
JAMMU, Mar 27: Reserve Bank of India organised a Town Hall meeting for existing and prospective MSME entrepreneurs at Srinagar on Monday.
Town Hall meets are periodically organised by RBI to create awareness of banking facilities amongst the entrepreneurs, link the unbanked entrepreneurs to the formal banking channels and to create a platform for two way communication amongst the stakeholders.
The meeting was chaired by AK Mattu, General Manager, RBI, Jammu. Besides, Abdul Rashid Sheigan, president, JKB, Rakesh Gandotra, vice president SLBC, PR Toofan, DGM, OBC, other senior bankers from SBI, PNB, Canara Bank, ICICI, EDB, JKGB and officials from Government departments also participated and interacted with the entrepreneurs. Representatives from KCC&I, FCIK, Houseboat owners Association, Traders and Manufacturers Association, Kashmir Youth Entrepreneurs Association, Hoteliers Association also participated in the event.
In his key note address, Mattu explained the huge potential of this sector in employment generation and contribution to the overall economic growth of the country and informed how it had transformed the economic landscape of countries like UK, US, Germany, France, Taiwan, Italy and Canada where its contribution to respective employment generation and GDPs ranged from more than 50% to 90%, whereas in India the position was much lower. Therefore, it held a huge potential if promoted properly by creating a congenial and conducive climate.
He said India had a huge population and all can not be provided jobs. Industrial sector has massive job potential. He said Government and RBI were very keen to promote and the present Town Hall event was a step in that direction.
The MSME entrepreneurs were also constrained by lack of operational skills, accounting and finance acumen, business planning etc. which underscored a need for facilitation by banks and other agencies. Quoting IFC, World Bank and other reports of RBI & Ministry of MSMEs, he pointed out that there was an unmet credit gap to the tune of Rs 14.9 trillion in 3.04 crore units as on March, 2016.
The status of MSMEs funding in the State and features of CGTMSE scheme were highlighted by Satish Sharma, AGM, RBI, Rakesh Gandotra, vice president, SLBC and SIDBI representative respectively. It was followed by question-answer session.
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