STATE TIMES NEWS
JAMMU: In first of its kind initiative, Confederation of Indian Industry (CII) is organising a session on finance facilitation for SMEs in Jammu on 12th July in Auditorium, The Business School, University of Jammu.
Several leading banking and non-banking finance institutions are participating in this session to discuss the problems that SME’s face in accessing the credit services. Minister of State for Industries and Commerce, Farooq Ahmad Andrabi will be the Chief Guest on this occasion.
“SMEs constitute the most vibrant sector of economy of our State with significant contributions to the exports and employment. Government of India has taken several measures to promote SME sector; however access to credit still remains a pain area which requires urgent attention. A pressing need was felt for setting up of a support centre to ensure that SME’s can get access to credit at reasonable rates to empower them to meet their demand for working capital as well as for expansion and diversification. The Centre has also been providing its inputs to RBI Standing Advisory Committee (SAC) on SME Financing. CII has partnered with leading Banks and NBFCs to support MSME in availing of funds towards growing their business’s needs,” shared Sheikh Imran, Chairman, CII J&K State Council. “This initiative by CII has processed the credit proposal of more than Rs 550 crore till now and is operating as a one stop- shop addressing all credit related requirements wherein SME can access credit facilitation on a click of a mouse. Apart from addressing financing needs, CII FFC has also initiated an online Academy to educate SMEs on Financial Management, Credit Rating, Costing, Project Management etc.” added Imran. “This centre is a platform for banking sector to showcase their latest schemes and proposals to boost economy with industrial growth and will play a vital role in Chief Minister’s vision to create an industry friendly environment in the State. The centre is a big milestone and plays the role of bridging gap between industry and financial institutions and is a platform for SMEs to address their issues and suggestion for credit facilitation”, said Rahul Sahai, Vice Chairman, CII J&K State Council.
