SRINAGAR: The Jammu and Kashmir government, under Chief Secretary Atal Dulloo, has launched the ambitious Mission YUVA (Yuva Udyami Vikas Abhiyan) to foster entrepreneurship and empower youth in the region. This initiative aims to identify 1.37 lakh potential entrepreneurs across the Union Territory and create an entrepreneurial culture that drives economic growth.
The program, which targets individuals aged 18 to 49 years, seeks to generate around 4.25 lakh employment opportunities over the next five years. It will support new enterprises, existing businesses, and emerging sectors through financial assistance and other interventions.
Creation of Nano Enterprises and Collectives
Under this component, the mission offers financial support for enterprise credit. General beneficiaries are eligible for 25% of the project cost or working capital loans, up to a maximum of ₹1,00,000, in two equal installments. Women entrepreneurs and persons with disabilities receive 30% of the project cost under the same conditions. The maximum project cost is capped at ₹10 lakh.
The program also includes an interest subvention of 6% per annum for up to five years, with an upper limit of ₹50,000. Beneficiaries who repay their loans early can receive the actual interest amount or ₹50,000, whichever is lower.
Support for New MSMEs in Sunrise Sectors
Mission YUVA also focuses on supporting Micro, Small, and Medium Enterprises (MSMEs) in sunrise and focus sectors. It provides a 6% annual interest subvention on capital investment loans for up to five years. The support extends to various investment amounts, from micro-enterprises requiring up to ₹1 crore to medium enterprises needing ₹10–20 crore. Early repayment incentives and credit guarantee coverage are also included to encourage entrepreneurship.
Boosting Existing Businesses
Existing businesses are eligible for interest subvention of 6% annually for up to five years, with a cap of ₹10 lakh. Early repayment incentives and credit guarantees are available to support business acceleration and sustainability.
Comprehensive Implementation
The survey and program implementation involve multiple stakeholders, including academic institutions, industry experts, and district-level authorities. The government has trained over 1,000 supervisors and 17,000 field investigators to ensure effective data collection and monitoring. A pilot survey has already recorded 90,000 entries.
Mission YUVA is a transformative step to unlock the potential of youth, women, and marginalized groups in Jammu and Kashmir. The program offers comprehensive financial assistance, including a 25% government subsidy, 5% interest subvention, and an additional 10% subsidy for women and persons with disabilities. Educated youth are encouraged to leverage this opportunity to start their businesses and contribute to the region's economic growth.
This initiative aligns with the broader vision of economic empowerment, creating a robust entrepreneurial ecosystem and sustainable job opportunities for the future.
