‘Jammu and Kashmir EDI Budgam at forefront of youth engagement’
2500 employed in 876 business units, Rs 29.30 Cr subsidy, Rs 16.90 Cr loan disbursed
Budgam: The Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) Budgam has been successful in engaging over 2500 youth with the establishment of 876 entrepreneurial and self-employment units across the district.
JKEDI District Centre, Budgam has been at the forefront of engaging the educated unemployed youth of the district including females. Out of the 876 units established, 118 units have been set up by female beneficiaries of the district.
In line with its mandate, JKEDI Budgam has targeted youth in the age group of 18-35 and 18-40 years with minimum qualification of 8th pass under its different schemes aimed at creating entrepreneurial and self-employment ventures.
Under the schemes namely Youth Startup Loan Scheme (YSLS) and Term Loan Scheme of NMDFC, GoI/Himayat the institute has disbursed an amount of Rs. 16.90 Crore as soft loan for establishment of small and medium business units by the unemployed youth of the district aged between 18-40 years.
Under the Seed Capital Fund Scheme, an amount of Rs. 29.30 Crore has been disbursed among the 433 beneficiaries as seed money (subsidy) through the scheme partner J&K Bank to make their projects bankable and help them establish their entrepreneurial ventures. In addition to the seed money, loans at concessional interest rates have been provided by the respective J&K Bank branches to these beneficiaries to help them establish their business ventures.
The activities covered under these schemes mainly include the manufacturing at small level, services sector like preparatory schools, agri-allied activities like dairy, sheep and poultry rearing, trading activities like copper shop, furniture, sozni and embroidery, distribution of FMCG, etc.
The establishment of these business units has created a direct employment of 900 and an indirect employment of over 1600 in the district since last seven years. In addition, an education loan facility has been provided to 81 candidates including 14 females to help them pursue different technical and professional courses like MBBS, BE, B.Tech, MBA, MCA, paramedical courses etc. An amount of Rs. 4.91 Crore has been sanctioned for these 81 applicants out of which Rs. 3.19 Crore has been disbursed in their favor so far.
Before sponsoring these candidates, a comprehensive training under Entrepreneurship Development Program (EDP) of three-week duration is imparted to the aspirants which helps in their capacity building and readies them for taking up their respective business activities.
The 876 units have been established under schemes including the Seed Capital Fund Scheme (SCFS), Youth Start-up Loan Scheme (YSLS), Term Loan Scheme of National Minorities Development and Finance Corporation, (NMDFC) and Himayat Self Employment Scheme.
Under YSLS, a financial assistance in the shape of a term loan for setting up of new projects/units up to Rs. 20.00 lac is given at 6% simple interest.
Similarly, under the Term Loan Scheme/Himayat, a soft loan of in the shape of Term Loan for setting up of new projects/units up to Rs. 20.00 for credit line 1 to the beneficiaries (persons having annual family income up to Rs. 0.98 lacs in Rural area and Rs. 1.20 lacs for urban areas). An amount of up to Rs. 30.00 lac is given under credit line-2 beneficiaries (persons having annual family income up to Rs. 6.00 lacs).
Under the Education Loan Scheme of National Minorities Development & Finance Corporation (NMDFC), loans for professional and job-oriented degree courses in India and abroad are given under credit line-1 and 2.
Meanwhile, the aspiring and successful entrepreneurs applauded the role of JKEDI Budgam in helping them to shape up their lives with an endeavor to help them to realize their dreams of becoming job providers instead of job seekers. (This is an unedited version of press release issued by DIPR-JK)