In a major initiative aimed at strengthening the entrepreneurial ecosystem in Jammu and Kashmir, the PHD Chamber of Commerce and Industry (PHDCCI), Kashmir, on Wednesday signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to facilitate entrepreneur financing, capacity building and credit outreach across multiple sectors in the Valley.
The agreement, described as the first of its kind between PHDCCI Kashmir and SIDBI in the region, seeks to enhance access to finance and institutional support for entrepreneurs operating in sectors such as horticulture, hospitality, handicrafts, food processing, women-led enterprises and green financing initiatives.
Officials said the collaboration would also focus on recommending direct lending and credit cases, besides conducting capacity development and skill enhancement programmes for entrepreneurs and business units across Jammu and Kashmir.
The MoU was exchanged in the presence of A P Vicky Shaw on behalf of PHDCCI Kashmir and Sunil S representing SIDBI.Senior SIDBI officials, including Balbir Singh, along with Himayu Wani, Dheeraj Verma and Mohd Rafiq, were present during the signing ceremony.
Members of the executive committee of PHDCCI Kashmir, including Bilal Kawoosa, Pervaiz Kaiser, Er Bilal Bhat, CA Anil Sharma, Qaiser Mir, Owais Raja, Haleem Bhat, Shabir Abdullah, Shahid Khan and Deputy Director Iqbal Fayaz Jan, also attended the event.
Speaking on the occasion, A P Vicky Shaw termed the agreement a “landmark initiative” for the region’s business and startup ecosystem.“This initiative will significantly ease financial outreach for entrepreneurs in the region. The commendable work SIDBI is already doing in Jammu and Kashmir will now receive added support and institutional collaboration from PHDCCI,” he said.
Officials said the partnership is expected to play an important role in bridging financing gaps faced by emerging entrepreneurs and MSMEs, particularly in sectors that form the backbone of Kashmir’s economy.
PHDCCI Kashmir also highlighted its earlier efforts in facilitating a similar agreement for the Integrated Textile and Handicrafts Park at Zakura, aimed at strengthening institutional support and capacity building for artisans and associated stakeholders.
The chamber expressed gratitude to SIDBI for the collaboration and reaffirmed its commitment to working closely with the financial institution to ensure improved credit access, entrepreneurial training and business development support across the Valley.
The agreement comes at a time when Jammu and Kashmir is witnessing renewed focus on entrepreneurship, MSME growth and startup development, with industry bodies increasingly seeking institutional partnerships to improve financing access and economic opportunities for local businesses.
