Port Blair, Dec 22: The Andaman Chamber of Commerce and Industry had an interaction meeting with Dr. Raghuram G Rajan, Governor, Reserve Bank of India at Hotel Sea Shell on Tuesday. The RBI Governor while understanding the entire situation of these Islands mentioned that there is great potential locally to facilitate investment by the private entrepreneurs. He emphasized that facilitating investment is the only way to generate more employment opportunities.
While global economy is going through recession, the Indian economy is strong and advised the business unit to be more cautious in their approach while taking decision, he said. He agreed with the Chambers suggestion about the specific approach is required by the Bankers in the Islands economy. He also urged the Bankers to focus on CSR activities specially related to their business. The Government of India has recently announced that the medium entrepreneurs are also under the priority sector so the entrepreneurs of these Islands can also make use of the benefit, he said.
Welcoming the RBI Governor, the President, Andaman Chamber of Commerce & Industry, Mr Girish Arora apprised the banking situation in these Islands and the need for an effective banking system for the overall development of these Islands. Mr Mohammed Jadwet, former ACCI President gave a brief account on the economy of these Islands in comparison to other islands nations/provinces economy in the rest of the world. He also mentioned about the activities of the Banking Sector in these Islands – Interest Rates, Collaterals for grant of loans, easier financing to consider Tourism, Shipping and Transport, strict terms of issue of Bank guarantee, credit rating, Real Estate Projects, etc.
