Chief Minister Omar Abdullah has emphasised the need for corporate governance principles to make the private sector a viable medium for creating jobs and contributing to economic growth.
In the present era of trade and commerce, Jammu and Kashmir has to keep pace with the developing world and rejuvenate the corporate sector, Abdullah said addressing the diamond jubilee celebrations function of the Institute of Chartered Accounts of India (ICAI) in Jammu last evening.
"I want corporations in the government sector to work with autonomy and bring about a healthy change in their functioning and attain the position of listed companies like J&K Bank," he said.
The chief minister said at present the state, like in other parts of the country and the world, faces unemployment and government places its solution on top of its agenda.
"Since corporate sector promises greater avenues to address this problem, as such, it should be our endeavour to strengthen and expand it," he said.
Abdullah said that financial professionals like Chartered Accountants have a role to play to make corporations and small and medium economic ventures more viable by providing expertise in financial matters.