Jammu and Kashmir government is focussing on growth of local entrepreneurs and MSME sector as small and medium units play a major role in attracting investment and creating employment, Chief Minister Omar Abdullah said on Tuesday.
The Chief Minister also said that MSME sector should not entirely depend on concessions and government procurement but explore free market for sustainable growth.
“Micro Small Medium Enterprise (MSME) sector has been engine of growth in any economy and contributes lion’s share in investment, employment, production and productivity,” Omar said while addressing a seminar here today.
Omar said that MSME sector in the state has bravely withstood the turbulence, security issues, financial problems and many more difficulties associated with militancy and continued to contribute in the upliftment of state’s economy.
“Many units sunk while many swam through tumult waters and sustained the unfavourable environment. This denotes the enthusiasm and capacity of local entrepreneurs to face challenges”, he said.
He added that the state has witnessed outside business houses coming with the announcement of industrial package by the Centre and State governments and disappearing with the disappearance of the concessions.
He said Bari-Brahmana Industrial Estate still possess ruins of outside big industrial houses units which came here to take advantage of concessions and left lock, stock and barrel when package ended.
“I understand that industrialists are business minded and their goal is commercial benefits but showing presence for taking advantage of packages and leaving behind corporate sector social responsibility makes picture grim”, he said.
The Chief Minister said that his government has focused on the growth and upliftment of local entrepreneurs and development of MSME sector.
“Small unit holders are receiving concentrated attention of the government to help them grow on their own feet and attain new highs in the field”, he said.
Total dependence of MSME sector on government procurement and concessions in a way puts hurdles in their growth and development, he added.
However, he said large industries remain in focus of attention.