Mumkin, Tejaswini schemes fulfilling dreams of aspiring entrepreneurs
J&K Government has taken many steps to create infrastructure, schemes and policies to speed up economic development, and to meet the aspirations of youth so that they can contribute to society and achieve self-growth. Under the Aegis of Mission Youth, Mumkin scheme has been launched by Lieutenant Governor, Manoj Sinha, a customized livelihood generation scheme for the youth of Jammu and Kashmir.
Under the scheme, unemployed youth are facilitated to procure small commercial vehicles on subsidized basis to establish a sustainable livelihood in transport sector. The ‘Mumkin’ is a livelihood programme designed primarily for unemployed young people in the age group of 18 to 35. Through ‘Mumkin’ scheme, small commercial vehicles are being provided to the youth with the banking partner extending the loan facility to the extent of 100 percent for on-road price of the vehicle to be purchased. Apart from this, Mission Youth, J&K provides an amount of Rs 80,000 or 10 percent for on-road price of the vehicle (whichever is lesser) as upfront subsidy and the vehicle manufacturers (scheme partner of government) provides an upfront special discount, not less than the amount of subsidy. To make the scheme implementation completely transparent and fast, a module has been developed on JK-e-Services portal for operating the scheme digitally. Similarly, for young ambitious women, Tesjaswani scheme’ has been launched by Government which provides financial assistance for setting up gainful self-employment ventures, suited to their skills, training, aptitude and local conditions. The UT administration is also facilitating soft finance for setting up new enterprises or for expansion and modernization of existing ventures for income generation. Tejaswini scheme provides financial assistance to the young women of 18 to 35 years of age.
Under the scheme, female entrepreneurs are facilitated to avail financial assistance under Mudra from J&K Bank to the extent of Rs 5 lakh. Mission Youth J&K is also providing an amount of Rs 50,000 or 10 per cent of project cost as upfront subsidy. Besides, an interest subvention up to 60 thousand rupees is also being sponsored by the government as special incentive thus making repayment of loan technically interest free for the young female entrepreneurs who apply for assistance under the scheme. The scheme intends to provide assistance to all eligible young women who are domiciles of J&K and have a qualification of matriculation and above. It also caters to enterprises where women entrepreneurs hold not less than 50 per cent of financial holding, besides providing assistance to set up women centric businesses and micro start-ups.
Also, the ‘Spurring Entrepreneurship Initiative’ programme is built on the idea of the Youth Enterprise with Innovation (YouWiN) and Champion for Innovation initiative, which aims to inspire young people, especially young women, to start and grow innovative businesses. Dentists are receiving tailored financial help for opening dental clinics under sector-specific programme for dental professionals. Under this programme, around eight lakh rupees is given as financial support for starting their business. Under the Mission Youth scheme, the administration has announced to provide financial assistance of Rs 8 lakh to the unemployed dental surgeons to set up their clinics. An amount of Rs 8 lakh shall be provided as financial assistance out of which Rs 2 lakh shall be provided as Grant-in-aid and rest of the amount Rs 6 lakh shall be financed by the bank as a start-up loan. While as no margin money will be required, financial assistance can be availed individually as well as on group basis. The scheme is being launched to provide a source of employment to the hundreds of dental surgeons and dental technicians.