KVIB Allocates Rs 38.85 Crore for New Ventures, Aiming to Employ Over 12,000 Individuals

5 Dariya News

Jammu 19-Feb-2024

In a strategic move to foster entrepreneurship and job creation in Jammu and Kashmir, the Chairperson of the Jammu & Kashmir Khadi Village and Industries Board (KVIB), Dr. Hina Shafi Bhat, chaired a pivotal performance review meeting at the Civil Secretariat. 

The session, attended by Dr. Jagdish Chander, Secretary and Chief Executive Officer of J&K KVIB, alongside senior and district-level officers from the Jammu division, focused on the board's achievements and future directions.

The highlight of the meeting was the announcement that KVIB has released margin money totaling Rs. 38.85 crore for the current financial year. This significant financial injection is earmarked for the establishment of 1,606 new units, projected to generate employment for 12,260 individuals. 

Remarkably, 40% of the beneficiaries of these initiatives are women entrepreneurs, showcasing KVIB's commitment to gender inclusivity in the business sector.Dr. Hina Shafi Bhat emphasized the necessity of streamlining application processes to further encourage entrepreneurial ventures within the Union Territory. 

She highlighted the government's dedication to creating employment opportunities for aspiring entrepreneurs and unemployed youth, urging district officers to intensify awareness and sensitization campaigns. These efforts aim to maximize participation in employment generation programs like the Prime Minister's Employment Generation Programme (PMEGP) and the J&K Rural Employment Generation Programme (JKREGP), designed to bolster entrepreneurship and contribute to economic diversity.

Addressing challenges in project financing, Dr. Bhat called on officers to ensure timely processing of applications by financing banks, adhering to the guidelines' specified timelines. She stressed the importance of enhancing collaboration between bankers and implementing agencies to facilitate the smooth execution of these programs, ensuring that the intended benefits reach the target demographic efficiently.

This initiative by KVIB marks a significant step towards economic development and job creation in Jammu and Kashmir, aiming to empower individuals through entrepreneurship and sustainable employment opportunities.