Excelsior Correspondent
JAMMU, Feb 22: In a significant meeting held here with Chanderashekhar Azad, Regional Director of the Reserve Bank of India (In-charge of J&K and Ladakh), Rakesh Wazir, chair of the Jammu Region Chapter of the PHD Chamber of Commerce & Industry (PHDCCI), advocated for special concessions for business units in Jammu and Kashmir.
During the meeting, Wazir underscored the unique challenges faced by businesses in J&K due to its fragile security situation and remote topography. He pointed out the logistical difficulties that industrial units face, given that raw materials must be transported from other parts of the country while finished goods need to be shipped back, leading to increased costs for businesses operating in the region.
He urged the RBI to consider introducing liberal financing options tailored for business units in J&K and called for special packages for those that have turned into Non-Performing Assets (NPAs) due to prolonged turmoil in the region. He highlighted the economic impact of key disruptions such as the abrogation of Article 370 and militancy-related disturbances, which have severely hampered business growth.
Wazir also voiced concerns over the implementation of the SARFAESI Act, which allows banks to seize and auction distressed business units. He requested that the Act be enforced only as a last resort when no other options remain to revive struggling businesses.
Additionally, he emphasized the need for greater facilitation and support for Micro, Small, and Medium Enterprises (MSMEs) in J&K and Ladakh. He suggested that if necessary, special policies should be framed to encourage investment in these UTs, ensuring sustainable business growth and economic development.
Azad attentively noted the concerns raised during the meeting and assured that all issues would be given sympathetic consideration by the RBI. He acknowledged the challenges faced by the business community in the region and reiterated the Bank’s commitment to exploring feasible solutions to support industrial growth in J&K and Ladakh.
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