Msmes Play Key Role In Creating Jobs, Driving Economy: LG

(MENAFN- Kashmir Observer) Jammu- Jammu and Kashmir Lieutenant Governor Manoj Sinha underscored the pivotal role of micro, small and medium enterprises (MSMEs) in job creation, economic progress and seamless public service delivery.

He highlighted that J&K has drawn inspiration from economic models in Switzerland and Germany to foster self-reliance, digital adoption and investor-friendly policies.

“There is a crucial role of MSMEs in job creation, competition and seamless public service delivery in Jammu and Kashmir,” LG said while addressing a workshop organised by the Indian Institute of Management (IIM) Jammu in Jagti on the outskirts of Jammu city.

“Jammu and Kashmir has demonstrated remarkable economic resilience, overcoming challenges like COVID-19. We are proud to be the first state to fully utilise a 10-year incentive scheme in just 2 to 2.5 years, showcasing our commitment to rapid progress and industrial growth,” Sinha said.

The one-day workshop, which brought together policymakers, industry experts and thought leaders at IIM, is focused on driving innovation and sustainable development in the MSME sector.

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J&K Chief Secretary Atal Dulloo highlighted the government's firm support for MSMEs, recognising their contribution to the region's economy.

He recognised the handicraft industry as a key economic contributor and underscored the significance of food processing in adding value to local produce.

“Additionally, the tourism sector has immense potential in driving economic development, reaffirming the government's commitment to its promotion and sustainability,” Dulloo said.

Highlighting the importance of cooperative federalism, regional empowerment and sustainable development, NITI Aayog adviser Anurag Goyal emphasised that a strong nation is built on the foundation of strong states and Union Territories (UTs).

“By fostering data-driven policies, strategic planning and collaborative initiatives, we can ensure holistic national growth and resilience,” Goyal said.

He reaffirmed NITI Aayog's commitment to empowering regions through tailored economic strategies and governance support.

Asserting that the J&K is poised to become an entrepreneurial hub, Talat Parvez Rohella, Planning Department secretary, underscored the potential of the Union territory to become a thriving entrepreneurial hub, leveraging its rich natural resources, skilled youth and evolving infrastructure.

“With the right investments and innovation, J&K can foster startups, boost tourism ventures and create sustainable economic opportunities,” Rohella said.

He added that the food processing, textiles and MSME sectors hold immense potential, benefiting from J&K's agricultural richness, traditional craftsmanship and strong government support.

IIM Jammu Director Prof B S Sahay welcomed the dignitaries and reaffirmed the institute's dedication to fostering a sustainable economic ecosystem.

“As an Institute of National Importance, IIM Jammu is committed to driving innovation and collaborating with the government to support J&K's economic growth,” he said.

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