Srinagar, 1 November (Read). Lieutenant Governor Manoj Sinha on Saturday said that we should leverage the existing strengths, better infrastructure, build stronger links between the industrial ecosystem of Jammu and Kashmir and national financial institutions and bridge the funding gap for MSMEs and startups. He was speaking at the ‘Self-reliant India (SRI) Fund Outreach’ program organized for the first time in Srinagar. The Lieutenant Governor congratulated the Union MSME Ministry, NSIC Venture Capital Fund Limited (NVCFL), Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) and Jammu and Kashmir Industries and Commerce Department for this historic initiative to connect the start-ups and MSME entrepreneurs of Jammu and Kashmir with VC firms and institutional investors.

He said that this program will create awareness about SRI Fund and inform the entrepreneurs about its active role in bridging the funding gap for MSMEs. The main objective of the SRI Fund is to increase access to equity capital for micro, small and medium enterprises (MSMEs)/startups and expand the reach of venture capital to emerging sectors. SRI Fund, launched under the Self-reliant India campaign, is a Rs 50,000 crore Fund of Funds scheme designed to promote growth-oriented MSMEs through a mother fund-daughter fund structure. This program will introduce J&K based enterprises to the venture capital ecosystem and promote equity-based financing options for business growth and expansion.

The Lieutenant Governor said that entrepreneurs, investors and policy-makers have gathered here at one place today and I am confident that a new era has begun for startups and micro and small industries. The investors of Jammu and Kashmir will directly benefit from the reforms that Prime Minister Narendra Modi is giving new impetus to with the resolve of a self-reliant India.

The Lieutenant Governor asked Venture Capitalists (VCs) and investors to assess the capabilities of individual entrepreneurs, the potential of Jammu and Kashmir and the business enterprise with full sensitivity and responsibility. The Lieutenant Governor told investors through video conferencing that Jammu and Kashmir’s industrial development, rejuvenation of startups and MSMEs is not just a business activity. This is your duty towards the nation. Rapid development of MSMEs and startups of Jammu and Kashmir is the collective responsibility of the investors.

He also called for providing better resources and opportunities to the young and emerging entrepreneurs of Jammu and Kashmir. On this occasion, Mercy Apao, Joint Secretary, Ministry of MSME, Government of India; Vikramjit Singh Commissioner Secretary Industries and Commerce Department Jammu and Kashmir, Dr. Subhranshu Shekhar Acharya Chairman NVCFL, Akshay Labroo Deputy Commissioner Srinagar, Khalid Jahangir Director JKEDI, Musarat Zia Director Handicrafts and Handloom Kashmir, senior officials, members of NSIC Venture Capital Fund Limited, officials of Industries and Commerce Department, JKEDI, business leaders, venture capitalists, investors, representatives of MSMEs. And entrepreneurs were present.

(Read) / Balwan Singh