SRINAGAR, SEP 19: In a significant move to boost employment and entrepreneurship in the region, banks in Jammu and Kashmir have disbursed a total of Rs. 2,016.45 Crore to 48,120 beneficiaries under various Employment Generation Schemes.
These schemes, aimed at empowering individuals from diverse backgrounds, have played a pivotal role in fostering economic growth and job creation in the region.
The funds were disbursed across several Employment Generation Schemes, including the Prime Minister’s Employment Generation Programme (PMEGP), the National Rural Livelihood Mission (NRLM), the National Urban Livelihood Mission (NULM), the Pradhan Mantri Yuva Udyamita Vikas Abhiyan (PMWMY), the Credit-Linked Capital Subsidy (CCS) for Artisans & Weavers, the Jammu and Kashmir Rural Employment Generation Programme (JKREGP), and the Scheduled Caste/Scheduled Tribe/Other Backward Classes (SC/ST/OBC) Scheme.
PMEGP: The largest share of Rs. 1,498.87 Crore was disbursed under the PMEGP, indicating a robust focus on encouraging entrepreneurship and self-employment in the region.
NRLM: Rs. 397.58 Crore was allocated under the NRLM, demonstrating the commitment to uplifting rural livelihoods and supporting marginalized communities.
NULM: An amount of Rs. 25.06 Crore was disbursed under the NULM, emphasizing urban employment and skill development.
PMWMY: Rs. 7.59 Crore was channelled into the PMWMY, targeting the promotion of entrepreneurship among young individuals.
CCS for Artisans & Weavers: Rs. 36.61 Crore was directed towards CCS for Artisans & Weavers, nurturing the rich artisanal heritage of Jammu and Kashmir.
JKREGP: The JKREGP received Rs. 47.56 Crore to bolster rural employment generation efforts.
SC/ST/OBC Scheme: An allocation of Rs. 3.18 Crore under the SC/ST/OBC Scheme signifies the commitment to inclusive development and empowerment of marginalized communities.
This significant financial support underscores the government’s dedication to creating job opportunities, reducing unemployment, and fostering economic growth in the Jammu and Kashmir region. It is expected that these disbursements will not only enhance livelihoods but also contribute to the overall development and prosperity of the area.
In response to this development, beneficiaries across various sectors have expressed their gratitude and enthusiasm, highlighting the transformative impact these funds will have on their lives and communities.
The disbursement of over Rs. 2,016.45 Crore reflects the commitment of financial institutions and the government to promote employment, entrepreneurship, and inclusive growth in Jammu and Kashmir. It is anticipated that these initiatives will pave the way for a more prosperous and economically vibrant future for the region’s residents.
As per the official document, the Chief Secretary while appreciating the banks for their exceptionally good performance in the dispensation of credit and coverage of beneficiaries under various Government Sponsored Schemes expressed displeasure over high rate of rejection of cases.
He directed sponsoring agencies to scrutinize the cases properly before the same are sponsored to banks so as to avoid rejection at a later stage.
Chief Secretary emphasized on sensitizing people through financial literacy campaigns, media campaigns, erecting hoardings, billboards etc. at conspicuous places in all panchayats, blocks and districts of J&K about the benefits of various financial inclusion, social security and government-sponsored schemes so that more and more people can take advantage of these schemes.
In his opening remarks Chief Secretary stated that the UTLBC forum is essentially meant to ensure saturation in self-employment of people and in view of the J&K economy, which has opened and moved ahead, we need to keep furthering its momentum while bringing down the unemployment rate to one of the lowest in the country.
