Lt Governor Sinha Approves Project YUVA to Boost J&K’s Economy with 1.37 Lakh New Enterprises and 4.25 Lakh Jobs
As a significant move, Administrative Council which met under the Chairmanship of chairmanship of Lieutenant Governor Shri Manoj Sinha has approved Project YUVA (Yuva Udyami Vikas Abhiyan)a groundbreaking initiative aimed at accelerating employment opportunities through entrepreneurship across the Union Territory.
This initiative is part of the Government’s ongoing commitment to empower youth, women, and other vulnerable groups by fostering a dynamic ecosystem for creating entrepreneurship.
The vision of the programme is to convert Jammu and Kashmir as a thriving hub of enterprises & holistic employment by fostering entrepreneurship culture, unlocking its inherent potential for transition towards sustainable economy, livelihood and empowered youth. To achieve this vision a four-pronged strategy has been formulated to enable enterprises and employment over the next five years which includes:
Creation of Nano-Entrepreneurs and Collectives: Targeting mass self-employment through small-scale businesses.
Creation of New MSMEs in Focus & Sunrise Sectors: Promoting growth in futuristic, sunrise and region specific focus sectors. sectors like renewable energy and pharmaceuticals.
Business Acceleration of Existing Enterprises: Supporting the expansion and growth of current MSMEs.
Creation of Neo-Innovative Enterprises: Encouraging startups and innovative MSMEs in emerging sectors.
The programme aims to develop an effective business ecosystem & enable enterprise through a comprehensive set of interventions anchored around the 4Cs:Culture(ecosystem creation), Capital (credit enablement), Capacity (Skill Development and handholding) and Connectivity (Market Linkages).
The programme aims at creating 1.37 lakhs enterprises resulting in employment opportunities for 4.25 lakhs youths of J&K in the next five years with a budgetary support of around 1830 crores and influx of more than 5,000 crores from banks and financial institutions. This project shall be implemented in convergence with self-employment schemes of other Departments to ensure better effectiveness by leveraging on the resources of other programmes and will also increase the efficiency and effectiveness of existing employment generation schemes.
This programme is in sync with the recent Union Budget (2024-25) announcements and the vision of Prime Minister of creating employment opportunities for 4 crores youth of the Nation.
This programme is a watershed initiative for generating sustainable economic model for generation of employment opportunities for the youth of J&K through entrepreneurship ecosystem. With this initiative, the Government of J&K is set to transform the employment landscape in Jammu & Kashmir.
In the long term this programme is poised to have transformative impact on the UT’s economy as ripple effects of this initiative will be felt across the region as new businesses generate wealth, improve living standards and contribute to the overall prosperity of Jammu and Kashmir. With this initiative, the Government of Jammu & Kashmir is not only addressing the immediate need for job creation but is also laying the foundation for a vibrant, dynamic and sustainable economy that will benefit generations to come.—(KB)
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