Chief Minister Omar Abdullah on Monday proposed Mission YUVA, an initiative aimed at fostering self-employment, as a potential national benchmark for entrepreneurship-led development. Addressing a gathering in Srinagar, Abdullah asserted that Jammu and Kashmir is actively working to establish a new standard in this domain across the country.
Mission YUVA Drives Entrepreneurship
Information was available with The Chenab Times that Mission YUVA has been designed in a “mission mode” to tackle unemployment, which the Chief Minister identified as the most pressing socio-economic challenge facing Jammu and Kashmir. The government’s core objective is to shift the focus of the youth from being job seekers to becoming job creators, recognizing that government employment alone cannot address the scale of the unemployment issue.
“Instead of only seeking jobs, youth must be enabled to create employment opportunities for others,” Abdullah stated. He further emphasized the need for sustained support for entrepreneurship, encompassing access to funding, marketing assistance, and post-launch guidance.
Acknowledging the inherent risks in starting businesses, such as collateral requirements and loan complexities, the Chief Minister noted that even established industrialists contend with market uncertainties. He underscored that the government’s commitment extends beyond initial financial aid to encompass ongoing support for the growth and expansion of these enterprises.
Significant Disbursal and New Initiatives
A key aspect of the programme was the single-day disbursal of over Rs 100 crore to 3,003 beneficiary cases, significantly expanding the scheme’s reach. This event marked a substantial expansion of the initiative’s outreach and impact.
The administration also announced that the cumulative credit disbursed under Mission YUVA, facilitated by Jammu and Kashmir Bank, has now surpassed Rs 1,000 crore. This milestone underscores the scheme’s substantial financial backing and its role in empowering entrepreneurs.
During the event, a Credit Guarantee Fund specifically for agri-allied activities was launched. Additionally, the digital inauguration of 20 Small Business Development Units (SBDUs) took place, signalling an expansion of support infrastructure for small businesses.
Chief Minister Abdullah indicated that Mission YUVA would undergo continuous review and refinement, incorporating feedback from entrepreneurs who encounter implementation challenges. He also advocated for integrating Mission YUVA with other livelihood initiatives to broaden the scope of grassroots entrepreneurship.
Deputy Chief Minister Surinder Kumar Choudhary characterized the initiative as the commencement of a significant economic transformation. Chief Secretary Atal Dulloo pledged full government support for young entrepreneurs. Amitava Chatterjee, MD and CEO of JK Bank, described the scheme’s performance as “rare” for a government-backed programme in any state or Union Territory.
The programme was attended by various ministers, legislators, senior officials, entrepreneurs, and beneficiaries. Outstation stakeholders also participated virtually, underscoring the broad engagement with the initiative.
The Chenab Times News Desk