J&K LG sanctions over 10,000 loan cases for budding entrepreneurs

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Tuesday announced sanction of over 10,000 loan cases for the union territory's budding entrepreneurs under various programmes.

Sinha said his mantra for Jammu and Kashmir revolved around 'four Ps' -- peace, progress, prosperity and people.

The sanctioning of over 10,000 cases under B2V3 (back to village-3) self employment programme, economic package and 'My Town-My Pride' highlights the UT government's commitment to empower the youth which is one of the foremost priorities of J&K government, he said.

Sinha said 15,309 applications were received, out of which 10,828 have been sanctioned and an amount of Rs 100 cr has been disbursed to 6,734 applicants, identified under B2V3.

We had taken up a target of covering at least 2 persons in each Panchayat who were in need of financial assistance for self employment, he added.

He said the administration is committed to cover every single aspirant within the UT, who wishes to set up his/her own business.

What distinguishes the effort this time is the fact that unlike in the past, where borrowers had to make several rounds of the bank to get a simple loan, the banks have been more than forthcoming towards helping the people, he said.

The officers went to the villages under B2V3 and My Town-My Pride, and identified the aspirants, the LG said.

Sinha called upon the J&K Bank to not only extend financial assistance to these entrepreneurs but also provide hand-holding to them so that the youth who opt for self employment can set up sustainable businesses and flourish in their lives.

The Lt Governor also handed over a cheque of Rs 250 crore to J&K Bank as commencement of disbursement of 5 per cent Interest Subvention and coverage of re-structured accounts following 2014 floods and 2016 agitation.

This is only the beginning and as and when requests are received for further disbursement, we will continue to meet these requests in a timely manner, he added.

Providing much needed relief to the business community, the Lt Governor also announced that from January 1 next year, GST shall be reimbursed timely and automatically without delays.

He said the government was strengthening the grass roots democratic set up as a three-tier Panchayati Raj System is being implemented for the first time in J&K.

For empowerment of youth of J&K, Sinha said the administration is coming up with 'YES J&K' -- a youth empowerment programme for youth engagement and employment.

The intended programme will be an institutional mechanism for providing the necessary hand-holding and support to the youth to facilitate and nurture their capabilities, he added.