Excelsior Correspondent
JAMMU, Feb 22: During a crucial meeting with Chanderashekhar Azad, Regional Director of the Reserve Bank of India responsible for J&K and Ladakh, Rakesh Wazir, the Chair of the Jammu Region Chapter of the PHD Chamber of Commerce & Industry (PHDCCI), emphasized the need for special concessions for businesses in Jammu and Kashmir.
Wazir highlighted the unique challenges faced by enterprises in J&K, citing the region’s delicate security situation and difficult geography. He noted the logistical hurdles businesses encounter, including the transportation of raw materials from other areas of the country and the shipping of finished goods back, which results in elevated operational costs for local businesses.
He urged the RBI to explore liberal financing options specifically for J&K businesses and to consider special packages for those that have become Non-Performing Assets (NPAs) due to ongoing regional turmoil. He drew attention to the significant economic disruptions caused by events such as the abrogation of Article 370 and ongoing militancy, which have severely affected business development.
Additionally, Wazir expressed concerns regarding the enforcement of the SARFAESI Act, which permits banks to seize and auction struggling businesses. He requested that such measures be used only as a last resort when all other recovery options have been exhausted.
He also stressed the need for enhanced support and facilitation for Micro, Small, and Medium Enterprises (MSMEs) in J&K and Ladakh, suggesting that tailored policies might be necessary to boost investment in these union territories to achieve sustainable business growth and economic advancement.
Azad listened carefully to the raised concerns and assured Wazir that the RBI would consider these issues with empathy. He recognized the challenges confronting the region’s business community and reiterated the Bank’s commitment to finding viable solutions to foster industrial progress in J&K and Ladakh.
