J&K KVIB releases subsidy worth Rs 348.48 cr to young entrepreneurs

Jammu, Feb 22 Jammu and Kashmir Khadi and Village Industries Board (J&K KVIB) has released an amount of Rs 348.48 crore as margin money or subsidy in favour of entrepreneurs who had applied loan from the board since 2019.

Vice Chairperson KVIB, Hina Shafi Bhat, addressing a press conference on Tuesday, said that the board has released the amount to 15,459 unit holders under JK Rural Employment Generation Programme (JKREGP) and Prime Minister's Employment Generation Programme (PMEGP) directly benefitting 1,18,188 individuals of the Union Territory in these 3 years.

Bhat said that the KVIB has no cap on extending assistance to local youth and can provide handholding to any number of youth willing to start their enterprises in the UT.

"The board has created employment avenues for lakhs of educated unemployed, poor, down-trodden and marginal sections of the society," she added.

She also noted that the KVIB under the mission 'Sabka Saath Sabka Vikas' is ensuring its reach to all segments of the society. "5,338 women entrepreneurs have been assisted by the board under its various programmes including providing subsidy of Rs 1.58 crore to 49 ex-servicemen and war widows."

Besides, the J&K KVIB is establishing eight clusters under handloom, handicrafts and beekeeping sectors under 'Scheme of Fund for Regeneration of traditional Industries' (SFURTI) of Union Ministry of MSME, she said.

The scheme aims at protecting the interests of traditional artists and craftsmen who have adopted the traditional trades for earning their livelihoods, the VC asserted.

"The clusters are being established with an approved assistance of Rs 20 crore from the Union Ministry of MSME involving 10,000 artisans/beekeepers, directly and indirectly, in line with the promises made by Prime Minister Narendra Modi," Bhat added.