No requirement of mortgage, guarantee for loans less than Rs 10 lakh under SKEWPY: Omar

KL Report

Jammu

Chief Minister, Omar Abdullah Monday while expressing satisfaction over the popularity of SKEWPY among educated youth, underlined the need for bringing the clearance process for launch of economic units under Public Service Guarantee Act (PSGA) to make it time bound and hassle-free.

Saying that SKEWPY is right answer to address unemployment problem and generate wide-ranging economic activities in industrial and business sectors, Omar said, ‘in the success of the budding entrepreneurs in this field is the success of SKEWPY, as such all concerned need to work with a commitment and dedication for obtaining targeted results’.

After patiently hearing the experience of entrepreneurs who have established or are in the process of setting up economic units under SKEWPY at marathon interaction session organized by Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) here this afternoon, Omar said that success attained by the entrepreneurs taking advantage of SKEWPY would serve as an important motivating factor for others to follow the suit.

“I am happy that you narrated full account of your success stories frankly and truthfully in this interaction session”, he told the entrepreneurs adding that the experience shared by them will serve as ‘food for thought’ to the government departments, Jammu and Kashmir Bank and other organizations associated with SKEWPY to address the areas identified by the entrepreneurs in focused manner.

“In order to make SKEWPY more productive, effective and fast track, it is essential that the issues regarding clearance of cases under SKEWPY are brought under PSGA”, he stressed and said that hassle-free clearance of cases and disbursement of loans in a time bound manner has to be ensured so that youth find level play field to venture upon.
Describing budding entrepreneurs as explorers of SKEWPY initiative, Omar said that they would act as role models for others to utilize SKEWPY initiative and earn substantial livelihood for themselves and others. He said hand holding of entrepreneurs by all the concerned agencies is key to the progress and growth of SKEWPY.

Omar said that SKEWPY categorically provides for advancing of loans less than Rs 10 lakhs without any mortgage or guarantee by entrepreneurs and similar initiative has been put in place by the centre government to encourage micro and small industrial sector and address unemployment problem. “There is need to drive this point home to the lower level bank officers by the Jammu and Kashmir Bank so that entrepreneurs are not asked for such requirements for the cases involving less than Rs. 10 lakhs”, he said and directed the Jammu and Kashmir Bank authorities to educate their officials accordingly.

Omar said that he would constitute a Committee of Secretaries to re-examine operational mechanism, scale of financing, expansion, enhancing of age limit and lowering of qualification for the youth intending to take advantage of SKEWPY so that its orbit is further expanded and more and more youth provided opportunity to earn their livelihood under this scheme.

Minister for Planning and Development, Ajay Sadhotra in his speech highlighted the efficacy of SKEWPY and said that Jammu and Kashmir state is the first state in the country which has implemented the historic initiative of Sher-i-Kashmir Employment and Welfare Programme for and Youth (SKEWPY) under the stewardship of Chief Minister, Omar Abdullah.
The minister said that during the interaction session many aspects have been identified by the entrepreneurs needing addressing at various levels to make SKEWPY more comprehensive and result-oriented.

Director JKEDI, Mohammad Ismail Parray in his welcome address gave detailed account of the achievements registered under SKEWPY in the state during the last three years. He said that the target of establishing 5000 economic units under SKEWPY during the 5 years’ period would be realized in double as the programme is picking up and becoming popular among the educated youth.