India’s merchandise exports in March at $41.68 billion
The overall exports (Merchandise and Services combined) in FY 2023-24 are estimated to be USD 776.68 Billion, exhibiting a positive growth of 0.04 per cent over FY 2022-23.
Finance Minister of Jammu and Kashmir (J-K) Haseeb Drabu, asked the Reserve Bank India Governor, Urjit Patel, for a “larger structured package” for J-K’s trade, businesses and industry to get back into profitable operations.
“The state’s trade, businesses and industry need a larger structured package to get back into profitable operations and mere restructuring of loans won’t help resolve the crisis at this juncture,” Drabu told the RBI Governor.
Drabu met Patel in Mumbai to discuss the issues of business, trade and industry loans in J-K, which have come under tremendous stress after 2014 floods and violent agitation in Kashmir last year.
Advertisement
Drabu also raised issues regarding J&K Bank with the RBI Governor.
Drabu emphasised that it was not a credit-quality issue as in other parts of the country, but the non-cuisines environment that has resulted in the impairment of loans in J&K.
Drabu said that the RBI Governor promised to personally examine all the issues including that of the J&K Bank. The Governor was comforted by the fact that the state government has a majority stake in J&K bank and that gives some leeway to find a creative solution to its problems.
He said once the RBI examines the full contours of the NPAs and the restructured assets, it will work out a plan of action for J&K Bank in consultation with the State Government.
Drabu also sought intervention of the RBI Governor in improving the credit-deposit ratio of various banks in the State. He said enhanced lending in core sector will help support the State Government’s efforts to rebuild J&K’s distressed economy.
The Finance Minister also discussed in detail the issue of starting innovative schemes for financing Self Help Groups (SHGs) so that the people at the grassroots level benefit from such initiatives.
Advertisement
