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news details
Promoting MSMEs can prevent financial scams: Dr Jitendra
Ganga demands special package for J&K industries
2/19/2018 11:53:03 PM
Early Times Report
Jammu, Feb 19: Providing support for growth and development of the micro, small and medium enterprises (MSMEs) can help in preventing high-profile scams committed by a handful of big industrialists, Union Minister of State in Prime Minister's Office (PMO), Dr Jitendra Singh said at an ASSOCHAM event held in Jammu today.
"One of the biggest buffers to prevent such high-profile scams happening from time-to-time is to promote MSMEs," said Dr Singh while inaugurating an ASSOCHAM conference on MSME sector in an apparent reference to colossal banking scandal involving fraud worth Rs 11000 crore committed by absconding billionaire jeweller Nirav Modi.
The Union Minister also encouraged the industry for not seeking subsidies. "People should forego subsidy for those who actually support the MSMEs, if that happens then we will not witness such scams being committed by 500-odd big businessmen," added Dr Singh.
Terming the present scenario as 'favorable' for both Jammu and Kashmir and north-eastern states of India, he said that the incumbent government at the Centre has the required will power which was lacking during the previous regimes.
"We need to create favorable situations at the state level to lure investors to come and set up their businesses through incentives rather than dis-incentivise them," said Dr Singh while addressing a SME Sammelan organised by ASSOCHAM.
"It will not only spur growth and development of the industrial sector in the state but will also encourage the youth to become entrepreneurs," he added.
Praising the efforts of the youth of the valley, the Union Minister said, "Today the youth of Jammu and Kashmir has gone ahead of their counterparts in many of the states across India as they are becoming toppers in top-notch education institutes of the country like the IITs."
He however lamented that there are certain elements who do not want to see things normalising in the militancy-hit state. "It is only a handful of people who as part of their petty politics try to create an environment of chaos but they would not succeed as the common citizen of Srinagar wants to be a part of the growth process led by Prime Minister Narendra Modi."
He asserted that militants were on back-foot as they were being given a befitting reply by the security forces.
Earlier, in his address at the ASSOCHAM conference, Industries and Commerce Minister, J&K government, Mr Chander Prakash Ganga urged the Centre to treat Jammu and Kashmir at par with north-eastern states and extend benefits and exemptions on the similar lines.
"Dr Jitendra Singh being son of the soil has been very supportive to J&K, we would urge him on behalf of the state to inform the Prime Minister that industry exodus in the state can only be stopped if we are given a complete package on the lines of north-east," said Mr Ganga.
Amid others who addressed the ASSOCHAM conference included: ASSOCHAM secretary general, Mr D.S. Rawat; Mr M.P. Raiker, chairman, ASSOCHAM National Council for Development of MSMEs; Mr Rakesh Gupta, president, Jammu Chamber of Commerce and Industry; Mr Amit Ray, executive director, Uflex Ltd. and Mr Anil Kishora, chief general manager, SBI.
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