First of its kind program to extend interest free repayment of financial assistance
Online portal for end to end process of applications under scheme to be rolled out soon
SRINAGAR, JULY 18: In its endeavor towards empowering women socially and economically, Jammu and Kashmir Mission Youth has notified Tejaswini Scheme for implementation in the Union Territory.
Pertinently, the scheme launched by Lieutenant Governor, Manoj Sinha, in June, 2021 is a start up funding programme for adolescents and young women of the UT making them empowered and self dependent through their own business ventures.
The broad aim of the scheme is to provide financial assistance to the young women of 18 to 35 years of age for setting up gainful self-employment ventures, suited to their skills, training, aptitude and local conditions. Under the scheme, female entrepreneurs shall be facilitated to avail financial assistance under Mudra from J&K Bank to the extent of Rs 5.00 lakh. Mission Youth, J&K shall provide an amount of Rs. 50,000 or 10% of project cost as subsidy. Besides, interest component of the loan shall also be sponsored by Mission Youth as special incentive and repayment of loan will technically be 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 will also cater to enterprises where women entrepreneurs hold not less than 50% of financial holding besides providing assistance to set up women centric businesses and micro start-ups.
In view of low participation of women in various entrepreneurial and livelihood generation activities, Mission Youth has conceptualized this scheme for young women of J&K to uplift status of women in the society.
Mission Youth has set a target to cover 2000 women entrepreneurs under the scheme during the current financial year. A budgetary component of Rs. 12 crore has been earmarked by Mission Youth on account of government subsidy for the scheme for the current financial year. The scheme has the distinction of being the first of its kind under which repayment of financial assistance will be interest free. It has been specifically modeled to ensure that businesss set up by these young women turn into viable and flourishing enterprises.
Mission Youth has decentralized implementation of the scheme for ensuring convenience to prospective women entrepreneurs. In this regard, a district level committee constituted under the Chairmanship of respective Deputy Commissioners shall implement the scheme and approve cases for assistance. Besides, concerned AD/DD Employment of each district has also been designated as Nodal Officers at District level to facilitate women entrepreneurs under the scheme.
“The scheme will prove to be a significant step towards boosting employment scenario in J&K where unemployment rate is higher than the national average”, maintained CEO Mission Youth while giving details about the scheme. He added that the Mission Youth will soon be rolling out an online portal for end to end process of applications under the scheme so that women entrepreneurs do not have to visit any office for the purpose.
The authorities have asked the women entrepreneurs to formalize their proposals which will be approved by the District Level Implementation Committee. A notification seeking applications will be issued in each district while online portal will also remain available for online applications and approvals.
