Category: BUSINESS

SRINAGAR, APRIL 21: The Divisional Commissioner (Div Com) Kashmir, Vijay Kumar Bidhuri today inaugurated a four month long Exhibition at Kashmir Haat Srinagar.

The Exhibition will bring a diverse range of activates including Magic Shows, amusement activates, handicraft and Handloom products and food courts and much more.

The Event has been purposely started on the eve of Eid so as to attract a maximum footfall especially the Gaming zones that have been set for children.

The bid for the current season has been won by the SHARMA BROTHERS for a record amount, and It is for the first time that revenue of such extent has been generated from the Haat area.

The Div Com emphasized that such type of activates should be replicated at other spots in the Srinagar city.

Director Handicrafts & Handloom Kashmir Mahmood Ahmad Shah gave a detailed brief about the activates the Department is planning to organize in the coming months at the Kashmir Haat area.

BARAMULLA, APRIL 11: Dr. Hina Shafi Bhat, Vice Chairperson J&K Khadi & Village Industries Board presided over an awareness camp at the CFC of Pattan Embroidery Cluster Tilgam here.

The progarmme was organised by Diamond Khadi Gramudhyog Sangh, Implementing Agency of the said cluster and was also attended by Public representatives from the cluster area, large number of artisans and stakeholders. Besides, senior officers from Board, SDM Pattan, Tehsildar Pattan and Senior officers from Technical Agency (Craft Development Institute Srinagar) also attended the programme. 

While giving the presentation on the aims, objectives and expected impact of the establishment of the said cluster, the officers from Technical Agency informed that cluster is being established with assistance of Rs. 221.85 and its CFC shall be equipped with facilities like Tracing, Dyeing, Washing, Calendering, Fabrication and Raw Material Bank. 

 It was further informed that with the establishment of this cluster, the product mix shall be enhanced, product design shall be improved; besides upgradation in skills of artisans etc. thus making the products customer savvy and attractive thereby enhancing the earnings of artisans, raising the profit margin.  

Speaking on the occasion, Dr. Hina  underscored the need for coordinated and synchronised efforts from stakeholders to ensure target oriented and objective implementation of the said cluster.

She said that the establishment of Cluster will empower the artisans and other stake holders by way of providing them all the facilities under one roof which shall in turn boost the products and also improve the economic condition of the artisans.

The Vice Chairperson emphasized that there is an urgent need for adoption of cluster approach to revive the traditional crafts and activities.

We have robust numbers to back our commitment towards MSME growth in the country: MD & CEO Baldev Prakash

SRINAGAR, APRIL 11: Forging partnership with Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) to accelerate growth of manufacturing enterprises, J&K Bank today signed a Memorandum of Understanding (MoU) with the country’s apex chamber of MSMEs that represents their interests and issues with the Government and various Regulators while being active participant in MSME related policymaking.

General Manager (Corporate Banking/MSME/Agriculture) Ashutosh Sareen signed the MoU on behalf of the Bank, while as, President Mukesh Mohan Gupta put in his signatures representing CIMSME in presence of MD & CEO J&K Banl Baldev Prakash, Executive Director Sudhir Gupta, General Manager Narjay Gupta, Director (CIMSME) Subhash Joinwal, DGMs and other senior Bank officials. Bank’s Divisional Heads also joined the function through VC Mode.

While lauding the role of CIMSME in promotion of MSMEs, MD & CEO Baldev Prakash expressed pleasure over the signing of MoU. He said, “As a responsible financial institution we understand that MSME sector plays a critical role in fostering entrepreneurship and generates huge employment opportunities thereby contributing greatly to the country’s GDP. Moreover, MSME lending is profitable for banking industry and we need to translate this MoU into solid business growth especially in the rest of India because this is the sector which complements the large industries in the form of subsidiary units that are vital to the entire eco-system.”

“J&K Bank has always been on the forefront of creating employment opportunities and we have robust numbers to back our commitment towards encouraging the MSME growth in the country. There has been a growth of 440% in the number of Bank’s MSME accounts during the last six years while as the credit exposure to the sector has witnessed 232% increase from Rs 4768 Cr to Rs 15872 Cr.”, he added.

Asserting that MSME sector will bolster economy of the UT and the country alike, MD said, “We will ensure that bankable leads generated by the CIMSME are processed in a time bound manner.”

Speaking on the occasion, President (CIMSME) Mukesh Mohan Gupta said, “We feel honoured for J&K Bank’s acceptance of our request for the tie up. Having J&K Bank on board is great boost for us that will eventually help MSME sector a great deal.”

Citing the lack of awareness about various MSME schemes and processes to avail the facilities, he stressed upon the need to educate lenders particularly at operational levels and borrowers of this sector. He further added, “We will soon be coming up with a web portal for ease of both MSME lenders and borrowers.”

Executive Director, Sudhir Gupta said that signing of the MOU with the apex chamber is akin to forging a partnership that will go a long way in promoting the culture of enterprise across the country while adding to the Bank’s business profile.

Earlier, GM Ashutosh Sareen said that under the tie-up CIMSME will not only source the MSME/Start-up proposals across the country but will conduct due diligence of these proposals as per the Bank policy and RBI Guidelines. And once CIMSME is satisfied with the financials and track records of the company/firm, the leads will be shared with the Bank for further processing.

Notably, the Bank provided benefits of employment to around 92000 youth till March 2023, under the J&K Government’s flagship programmes ‘Back to Village 4.0’ and ‘My Town My Pride’ – a feat that has been hailed by the UT Government and people alike.

Releases Economic Survey 2022-23 of the UT

JAMMU, MARCH 31: Chief Secretary, Dr Arun Kumar Mehta today released the Economic Survey 2022-23 of the UT, a document presenting the elaborate picture of the economy of J&K for the closing financial year prepared by Directorate of Economics & Statistics, Planning Development & Monitoring Department.

On the occasion the Chief Secretary observed that the document is vital in gauging the progress made by the UT. He also called the document a true account of what we have achieved during the financial year.

He complimented the Department for coming up with this Survey at an opportune time. He said that the survey presents a fine picture of our economic trajectory which is encouraging for all of us. He remarked that the yearly economic growth of the UT is a notch higher than National average which shows that approach we have adopted during last few years is working well for the economy.

The Survey reports that J&K is expected to grow at 8 per cent as against 7 per cent at National level during 2022-23 at Constant Prices. At Current Prices, GSDP of J&K is expected to record a growth of 15% which is at par with National level. Economy of J&K grew faster than the national average in recent years.

It further stated the GSDP is likely to be doubled in the next five years with emphasis on service sector, industries, agriculture, horticulture and tourism. UT Revenue Performance (Tax plus Non-Tax) is expected to double during current year.

The Survey has also applauded the time bound policies, action plans and development strategies being implemented to carry forward and sustain the positive environment and momentum of economic development. It also talks about various reforms initiated for good governance and transparency which includes, IT enabled innovations in administration like Janbhagidari, E-stamping, PaySys, BEAMS, eHRMS, e-GRAS, e-office, GST which are more secure, cheaper, efficient, time saving and reliable compared to the previous systems.

Besides the document brings forth the unique reformative initiatives like District Good Governance Index, Aspirational Blocks Development Programme, Aspirational Panchayat Development Programme, and Aspirational Towns Programme rolled out first time in the country.

It also discusses the prime ranking of J&K it got in different parameters of registering growth and development. Be it the Ist rank among the UTs in its e-office uptake in almost 400 offices with disposal rate of 97 %, first rank among UT’s in Renewable Energy Development, Ist rank among the UTs in registration coverage under e-SHRAM, Ist rank among the UTs in issuance of SWAMITVA Cards, 2nd rank in Nasha Mukt Abhaan, 2nd rank in performance under Azadi Ka Amrit Mahostav, 3rd rank at all India level in terms of total road length constructed under PMGSY, 4th rank in incremental progress of SDG, or 5th rank in reducing regulatory compliances burden under ease of doing business at All India Level.

In terms of achievements it makes out that the road network is extended to all the habitations with population over 250 persons as per 2001 census, facilitating growth and development across the UT. World class National highways, expressways, tunnels, bridges, flyovers, ring roads are coming up. J&K’s Rail link is expected to be connected to All India during 2023. Airports are also being upgraded. The Urban development is also high on agenda, smart city projects are being implemented in the capital cities of the UT,the Survey presents.

Regarding power generation capacity it says the same is likely to be doubled in 4 years and tripled in next 8 years. The response of people to the outreach programmes like My Town My Pride (MTMP) and Back to Village Four (B2V4) was also highlighted  in this report.

In education sector the indicators have shown notable improvement as per the survey. Adoption of National Education Policy 2020 and the J&K Education Investment Policy 2020 has set in new challenging targets for J&K. Quality education with provision of skill and research has been introduced at higher education level. The youth of J&K are being motivated to attain higher levels of expertise in productive skills and sports sectors, as per the report.

As far as the Tourism sector is concerned, it says that J&K is developing 75 new tourist destinations, 75 heritage/cultural sites, 75 sufism/religious sites & 75 adventure treks/sites attracting potential for all the four seasons in the areas of nature, adventure, pilgrimage, heritage, sports etc.  More areas of tourism like amusement, water parks, adventure (water sports, Rafting, Rock climbing, Snow parks) etc and entertainment are being explored to attract more tourists.

Empowerment of Panchayati Raj institutions is proving game changer as per this Survey. The centrally sponsored flagship schemes like MGNREGA, PMAY, SBM(G) being implemented are rejuvenating the rural landscape of J&K. It further goes on to say that SBM(G) has brought J&K an open defecation free status by providing IHHLs to 1952 villages. Under PMAY(G) 30381 families (1.14 Lakhs cumulative) were provided financial assistance for construction of Pucca houses besides numerous water bodies were rejuvenated under AmritSarovars scheme.

With respect to empowerment of women, the beneficiary oriented schemes are helping women in realising better lives for them and their families. UT envisions achieving Sustainable Integrated Development focusing on Connectivity, Eco-friendly Modern Infrastructure to meet people’s expectations with Transparent Governance over next 25 years. Tourism, Agriculture, Horticulture and Power clubbed with Improved Infrastructure, Connectivity, Logistics, better Health and Education facilities, Digital Governance and effective Grievance Redressal Mechanisms shall be the core areas for realizing Vision 2047, suggests the Economic Survey 2022-23.

Those who were present on the occasion includes Secretary, PD&MD; DG, Planning; Directors of Planning of different Departments besides other officers of the department.

 SRINAGAR, MARCH 28:  Director, Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), Ajaz Ahmad Bhat today presided over the valediction function of the 10-Day Entrepreneurship Development Programme (EDP) held at Centre for Women Entrepreneurship (CWE) in Srinagar. 

The EDP was organized by JKEDI for aspiring female entrepreneurs. The candidates were apprised about basic business concepts like business plan formulation, marketing plans, accounts management, and many other topics of relevance. 

While speaking on the occasion, Director JKEDI congratulated the budding entrepreneurs and assured them that the Institute will continue to provide support in the future as well.

 “I assure all the budding entrepreneurs present here that our institute will handhold and support anyone in need,” said Director, JKEDI. 

He also informed the candidates that they should take advantage of technology and social media to expand their business. 

“Innovation and technology are vital for any startup, and I am certain that you can strengthen your ventures by adopting new technology.”

“Women are proving their mettle in every field and entrepreneurship is no exception. They should come forward and avail benefits under different government schemes,” he added.

Later in the function, the Director distributed certificates among the successful candidates. A number of the trained female entrepreneurs who participated in the valediction ceremony said that with the training program, they have gained a lot of confidence to embark on their entrepreneurial journeys.

 In Charge, CWE presented a vote of thanks and emphasized the need for the participation of females in such schemes and programs to overcome the menace of unemployment in the UT of J&K.

JAMMU, MARCH 25: Jammu and Kashmir Trade Promotion Organization (JKTPO) participated Source India Bangladesh 2023 in Dhaka, Bangladesh. The Exhibition was organized by Trade Promotion Council of India (TPCI) with support of Department of Commerce, Govt. of India.

The event was inaugurated by Pratik Negi, First Secretary, Economic & Commerce, High Commission of India, Dhaka in presence of Md. Anowar Hossain-General Secretary, Bangladesh Food Stuffs Import & Suppliers Association (BAFISA) and Abul Kalam Azad -Secretary General, Bangladesh Chemical Importers & Merchant Association.

This event provided the gateway to the Food Processing Companies, Basic Chemical, Dyes and Pigments, Edible Chemicals  sector of India to enter the Bangladesh market. The event was a perfect B2B platform for our manufacturers to showcase their products under one roof in the Bangladesh Market. This event has provided an interactive platform for our delegates to generate business through product displays, direct interaction with the Buyers.

JKTPO in collaboration with TPCI, facilitated the participation of 09 entrepreneurs of J&K from Agro and  Food Processing industry for the event  from J&K. The J&K exhibitors received very good response from the buyers and around 500+ business lead were generated by them in the event. Products like Saffron, Canned Cherries, Honey, Fresh Fruits, Walnuts, Dry fruits, Aromatic oils,  etc received very good response from the buyers.

The participants from J&K received very good response in this B2B event.  M.A Khan from Being Well India quoted – “I would like to express my sincerest gratitude for the fantastic event “Source India Bangladesh”  that JKTPO organized at Dhaka. It was truly an incredible experience, and I can’t thank you enough for all the hard work and effort that went into making it a success”. From VKC Nuts Gagan Jain said “The event was well organized and great networking opportunity amongst the companies attending.

Irfan Shiekh from Al Dua Foods said “I made several promising business connections and met several potential business partners. The event provided us the platform to interact with Top food industries of Bangladesh. We networked and shared product samples with most of the participants. We sincerely believe that most of the business meeting will into potential partnership/ buyers.”

Around 75 Companies from multiple sectors and over the India including  Jammu & Kashmir, Maharashtra, Delhi, Andhra Pradesh, Tamil Nadu etc. participated in “Source India Bangladesh 2023“. Around 500+Buyers attended the event for their sourcing requirements and networking with Indian exhibitors. Representatives from Bangladeshi companies like Shwapno supermarket, Amana Group, Square Food & Beverages, Pran Group etc.  to explore the possibilities of business collaboration in Bangladesh.

SRINAGAR, MARCH 21: A delegation of Kashmir Chamber of Commerce and Industries (KCCI) today called upon MD & CEO J&K Bank, Baldev Prakash at Corporate Headquarters. During the introductory meeting, MD & CEO felicitated the newly elected members of KCCI executive body led by President Javed Ahmed Tenga.

Bank’s General Managers Ashutosh Sareen, Syed Rais Maqbool, Syed Shujaat Hussain, Divisional Head (Kashmir) Syed Shafat Hussain, Zonal Head (Srinagar) Shabir Ahmad along with DGMs were also present at the meeting  besides senior KCCI office-bearers Ashaq Hussain Shangloo, Fayaz Ahmad Punjabi, Faiz Ahmad Bakshi and others.

Speaking on the occasion, MD & CEO Baldev Prakash dwelt upon the long-lasting relationship between the chamber and the Bank saying, “J&K Bank is your Bank, which has always supported businesses in a very pro-active manner. While carrying forward the rich legacy spanning over decades of mutual progress, we plan to take this association to another level in coming times.”

“Whatever is required to further strengthen the relationship will be done within the regulatory guidelines, for I truly believe that our progress is interlinked with your growth. And we need to join forces to accelerate the socio-economic development of this place”, he added.

Earlier, the members thanked the Bank for its continued financial support especially to ensure continuity and revival of businesses during difficult times like 2014 floods, Covid19 etc. The delegation also put on record its appreciation of the management for recently taken measures especially rolling out One Time Settlement Schemes and establishment of LCUs.

While stressing upon the need to engage each other at various levels, members of the delegation assured the Bank’s management of complete cooperation from KCCI whenever and wherever required.

Congratulates all award winners for their commendable service to preserve and promote priceless cultural and artistic heritage

Administration has taken important steps to boost handicraft and handloom sector: LG Sinha

We are committed to provide training, design, technology, financial and other infrastructure support that will significantly contribute to the growth of handicraft & handloom sector and earnings of artisans: LG

SRINAGAR, MARCH 18: Lieutenant Governor Shri Manoj Sinha presented the UT Level Award to the Artisans at Raj Bhavan auditorium today.

The Lt Governor congratulated all the award winners for their commendable service to preserve and promote priceless cultural and artistic heritage.

The Lt Governor said administration has taken several important steps to boost handicraft and handloom sector.

We are committed to provide training, design, technology, financial and other infrastructure support that will significantly contribute to the growth of this sector and earnings of artisans, he added.

The Lt Governor said an unprecedented growth has been recorded in the last three months and this sector has registered Rs 729 crore worth export despite the instability in the global market and it shows the collective efforts of artisans and handicraft department.

 More than 3 lakh artisans are registered with the department. Number of steps like enhanced financial assistance, 7% interest subvention, training, assistance to 3000 Self Help Groups and cooperative societies have been taken to accelerate the development of this sector, he added.

 The Lt Governor also spoke on the various other efforts of the UT administration such as GI tagging, labeling, brand building, incentives to increase exports and ensure access to the global market.

“The Department has launched e-commerce platforms to empower the artisans,” the Lt Governor said. 

Under the guidance of Hon’ble Prime Minister, J&K has set a new record in Village Industrial Unit. In the last financial year, 1.73 lakh new jobs were generated under PMEGP alone, he added.

On the occasion, the Lt Governor directed the Department of Handlooms and Handicrafts to develop a mechanism for further increasing the export in the sector and changing the lives of artisans and craftsmen.

Dr Arun Kumar Mehta, Chief Secretary; Sh Prashant Goyal, Principal Secretary Industries & Commerce; Sh Vijay Kumar Biduri, Divisional Commissioner Kashmir, other senior officers of Handicraft & Handloom Department, besides large gathering of awardees and artisans were present.

SRINAGAR, MARCH 14: With a view to provide its customers a wider range of life-insurance products and services, Jammu and Kashmir Bank today entered into an agreement with the country’s insurance giant Life Insurance Corporation (LIC) of India.

General Manager (Cross Selling Vertical) Narjay Gupta signed the agreement on behalf of J&K Bank, while as, Regional Manager (MBAC) P K Saxena put in his signatures representing LIC India in presence of Bank’s Executive Director Sudhir Gupta, General Manager Syed Rais Maqbool, LIC of India’s Senior Divisional Manager Dinesh Tanania besides senior officials of J&K Bank and LIC of India at Bank’s corporate headquarters. The agreement will be effective from April 1, 2023.

Terming the agreement a milestone set to benefit Bank’s growing clientele, Executive Director Sudhir Gupta said on the occasion, “With customer welfare at the heart of Bank’s policies, the tie-up with LIC of India – a premier insurance company in the country – will provide our customers an access to wider range of products that LIC offers while adding to Bank’s non-interest income. This association will surely be beneficial to both the organisations.”

Pleased with the tie-up P K Saxena hoped that association between two leaders in their own operational domains will script a new chapter of success in serving the people. He said, “We are excited with the journey we have embarked upon with leading financial institution in UTs of J&K and Ladakh. By offering the industry-best insurance related products and services to customers, I am sure our company will gain greatly from J&K Bank’s extensive network of touch points selling our products.”

Sounding optimism General Manager Narjay Gupta said, “LIC’s products and J&K Bank’s second-to-none services will bring laurels to both the institutions going forward as the agreement will provide greater choice of insurance solutions to the customers.”

On the occasion General Manager Syed Rais Maqbool asserted that both the organisations will live up to the expectations of their stakeholders so as to build further on their reputation. “Our country has a vision to insure every individual in the times to come. I think this collaboration will play its part greatly in achieving the national goal across our operational geographies”, he added.

SRINAGAR, MARCH 13: With a view to facilitate its customers, J&K Bank today entered into an agreement with Ludhiana-based Seth Industrial Corporation (SIC) – one of the leading manufacturers in wide assortment of electric vehicles like e-Bikes, e-Scooters, e-Rickshaws in the country under the Brand name ‘Neelam’.

Deputy General Manager Imtiyaz Ahmad Bhat signed the MoU on behalf of the Bank while as Rajesh Seth put in his signatures as Joint Director/Partner of SIC in presence of Business Head (SIC) Ranbir Singh Saini during a function organised at the corporate headquarters of J&K Bank.

Speaking on the occasion, DGM Imtiyaz Ahmad Bhat said, “Through this tie-up we are happy to offer easy, affordable and attractive financing solutions to our customers while encouraging electric vehicular transport in the country. As part of our green policy initiatives, we are already partnering with many such electric vehicle manufacturers throughout our operational geographies.”

While commenting on the importance of affordable financing, Rajesh Seth said that the demand for electric vehicles was only growing but easy and hassle-free finance was the main supply-side constraint. “However, after signing the MoU with J&K Bank, which is the premiere financial institution in UTs of J&K and Ladakh with strategic presence across the country; I feel the partnership will enable us to scale our operations and provide eco-friendly ride besides sustainable livelihood to our common clientele.”

Notably, the bank’s customers can avail a range of concessions from SIC that primarily includes over the counter discount of Rs 3000 along with three free services without charge. Also, the clients availing finance from J&K Bank can avail the company’s extended warranty period of 3 years on Lithium Batteries instead of 2 years for general customers besides 21 months warranty time on other batteries instead of 18.