*Cabinet to shortly approve Memorandum of Association
Mohinder Verma
JAMMU, June 29: In a major initiative aimed at giving much needed impetus to the handicrafts and handloom sector, the Government is all set to establish J&K Trade Promotion Organization on the pattern of Indian Trade Promotion Organization with active participation of Union Ministries of Textile and Commerce. This step will help in increasing business from this sector from Rs 1500 crore to Rs 3000 crore within a period of next three years.
Official sources told EXCELSIOR that while chairing 6th Industrial Advisory Council meeting on February 6, 2017, the Chief Minister Mehbooba Mufti had asked the Industries and Commerce Department to take steps for establishment of J&K Trade Promotion Organization on the pattern of Indian Trade Promotion Organization to boost trade and commerce in the State and provide a business friendly environment to the industrialists in Jammu and Kashmir.
Acting on the directions of Chief Minister, the top brass of Industries and Commerce Department started detailed exercise in this regard and approached the Indian Trade Promotion Organization (ITPO) as well as Export Promotion Council for Handicrafts (EPCH).
Several months long efforts finally yielded positive results with ITPO formally conveying its concurrence for having 44% equity in the J&K Trade Promotion Organization. Similarly, EPCH has agreed for 5% equity in the Organization. State Government will have 51% equity in the company, which will pay special attention towards giving necessary impetus to handloom and handicrafts sector of Jammu and Kashmir, sources informed.
It is pertinent to mention here that ITPO is a premier trade promotion agency of the Union Ministry of Commerce and Industry and provides a wide spectrum of services to trade and industry and acts as a catalyst for growth of trade. It approves holding of international trade fairs in India and abroad and regulates holding of various expositions primarily to avoid any duplication of efforts.
Similarly, Export Promotion Council for Handicrafts (EPCH) is a non-profit organization with an object to promote, support, protect, maintain and increase the export of handicrafts. It is an apex body of handicrafts exporters for promotion of exports of handicrafts from the country.
“Now, the Industries and Commerce Department will place a proposal before the State Cabinet for formal approval to the establishment of J&K Trade Promotion Organization and clearance of Memorandum of Association and Article of Association, which have already been vetted by the Law and other concerned departments of State Government”, sources informed.
Following establishment of J&K Trade Promotion Organization, State would be able to promote handloom and handicraft products at the national and international levels regularly. Moreover, this step would help in holding such events in J&K also, they said while disclosing that till date only few events at national level or within the State were being conducted for promotion of world famous handicraft and handloom products.
“Due to limited promotion of these products this sector was generating business of only Rs 1500 crore per annum but following establishment of J&K Trade Promotion Organization with equity from ITPO and EPCH the business will increase to Rs 3000 crore within next three years, which would be a remarkable achievement”, sources said.
It is worthwhile to mention here that not only Chief Minister even Governor N N Vohra is repeatedly laying thrust on paying special attention towards this sector keeping in view its potential to generate huge business. The J&K Trade Promotion Organization will not only help the traders but also the artisans and weavers as due to worldwide promotion the demand of such products will increase considerably.
The J&K Trade Promotion Organization will have Board of Directors with Chief Secretary as its ex-officio Chairman. The other members of BoD would be representatives of industries and trade, Finance Secretary, Industries Secretary, Handloom Commissioner, Union Ministry of Textiles, Managing Director EPCH and Executive Director ITPO.
“Now, it is a matter of days to make J&K Trade Promotion Organization a reality especially when ITPO and EPCH have given concurrence for equity in the Organization”, sources said in reply to a question.
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