CII organised J&K SME Dialogue on Credit rating and finance

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Shadow Correspondent
JAMMU,Jan, 11:
CII has undertaken a number of initiatives to support SME’s development and enhancing competitiveness. Today, SME’s are facing a lot of discomfort due to rising costs, lower demand and high cost towards accessing credit. There is a pressing need for setting up a support centre to ensure that SME are provided with credit at cost effective rates, to meet their demand for working capital as well as for expansion and diversification. The SME’s have a huge potential to grow and only the growth of SME’s will ensure the overall growth of the State. The Small and Medium Enterprises (SME) segment plays a very vital role in the economic development of our nation. On the other hand, credit risk assessment in this segment requires a specific approach, as the factors affecting the credit-worthiness are different compared to large corporates. Hence, to further support the growth for this sector and help the investors to determine the relative credit-worthiness of entities belonging to this segment credit rating is essential. Mr Sandesh Sharma, Joint Director, Industries and Commerce, Jammu said how the state government is working on accelerating the SME growth in the state. He further added that the department is taking essential steps in ease of doing business parameters also.
Mr Mohit, Assistant Director, MSME- Jammu discussed various initiatives taken by the Ministry of MSME, Government of India for boosting the SMEs growth and requested the SMEs unit holders to avail the benefits of the schemes available for them.
Rishikesh Tamaskar, Deputy General Manager, Bombay Stock Exchange discussed the benefits of equity and Initial public offerings ( IPO) for SMEs in order to flourish across the Globe. By quoting the examples of Infosys and TCS, he urged the SMEs of J&K to get them listed in the BSE for flourishing themselves at global level like the big organisations of our country. Ms. Rupali Gupta, Senior Executive J&K Bank briefed the SMEs present in the dialogue about the various financial schemes provided by the J&K Bank in order to promote the growth of SMEs in the State and discussed the importance of Credit rating for bagging loan from financial institutions. While opening the session, Mr Rajesh Sharma, Vice- Chairman CII J&K State Council said that the main purpose behind organizing CII J&K SME Dialogue is to know about the importance of credit rating for SMEs in order to access finance from formal sources. Mr Rahul Sahai, Immediate Past Chairman, CII J&K State Council summed up the session by stating that such sessions are helpful in providing various useful inputs for the SMEs as the state GDP is majorly contributed by SME and also help in knowing the perspective of different sectors which ultimately help the industry in J&K to map itself at global level.

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