The Kashmir Chapter of the PHD Chamber of Commerce launched a web portal for Micro, Small and Medium Enterprises (MSMEs) on Monday in an attempt to bring progress and growth in the sector.
Through the portal (phdmsme.in), the chamber seeks to provide facilitation and value-added services to its members, a statement said.
At the launch, PHD Chamber Kashmir Chapter Chairman Mushtaq Ahmad Chaya explained the activities to be undertaken through the portal. He said, “For their growth, MSMEs need hand-holding and mentoring from domain experts. This web portal will provide a rich platform to disseminate knowledge and mentoring to MSMEs in various areas such as banking, finance, marketing, exports, government procurement and other areas.”
According to Zahoor Ahmad Tramboo, Co-Chairman, PHDCCI Kashmir Chapter, the MSME sector’s contribution in the country is significant but it is not given appropriate attention and importance. “More than 80 percent of jobs in the industry are given by MSMEs, with just 20 percent of investment,” he added.
The government assistance schemes offered by various ministries to provide assistance to MSMEs have been consolidated and brought under this portal. These schemes can be accessed sector-wise, product-wise or by requesting for a specific scheme. Additionally, the portal also facilitates the establishment of linkages of the chamber’s members with banks and financial Institutions to help raise loans and credit facilities.
Baldev Singh Raina, Co-Chairman, PHDCCI, described the initiative as “revolutionary”, adding the portal is a “bridge between MSMEs, government institutions and different service providers to facilitate their linkages.”
Additionally, the chamber is developing a technology bank, which will contain information about technology sourcing as well as innovative technologies for the MSME sector.