Jammu and Kashmir Mission Youth has notified the Tejaswini Scheme for implementation in the Union Territory as part of its efforts to empower women socially and economically.
In this regard, Lieutenant Governor Manoj Sinha's scheme, which was launched in June 2021, is a start-up funding programme for adolescents and young women in the UT that aims to empower and self-sufficiency through their own business ventures.
The scheme's overarching goal is to provide financial assistance to young women aged 18 to 35 for the establishment of profitable self-employment ventures that are suited to their skills, training, aptitude, and local conditions. Female entrepreneurs will be able to obtain financial assistance from J&K Bank under Mudra up to Rs 5.00 lakh under the scheme.
As a subsidy, Mission Youth, J&K will contribute Rs. 50,000, or 10% of the project cost. Furthermore, as a special incentive, the interest component of the loan will be sponsored by Mission Youth, and repayment of the loan will technically be interest free for young female entrepreneurs who apply for assistance under the scheme.
The scheme intends to assist all eligible young women who are J&K residents and have a matriculation or higher qualification. It will also cater to enterprises in which women entrepreneurs own at least 50% of the financial holdings, as well as provide assistance in establishing women-centric businesses and microstart-ups.
In response to the low participation of women in various entrepreneurial and livelihood generation activities, Mission Youth has devised this scheme for young women in J&K in order to elevate the status of women in society.
During the current fiscal year, Mission Youth hopes to cover 2000 women entrepreneurs through the scheme. Mission Youth has set aside Rs. 12 crore in its budget for the current fiscal year to cover government subsidies for the scheme.
The scheme is unique in that it is the first of its kind to allow for interest-free repayment of financial assistance. It has been designed specifically to ensure that the businesses established by these young women become viable and flourishing enterprises.
Mission Youth has decentralised the scheme's implementation to make it more convenient for aspiring female entrepreneurs. In this regard, a district-level committee chaired by the respective Deputy Commissioners will carry out the scheme and approve cases for assistance.
Furthermore, each district's concerned AD/DD Employment has been designated as Nodal Officers at the district level to assist 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 also stated that Mission Youth will soon launch an online portal for the entire application process under the scheme, eliminating the need for women entrepreneurs to visit any office for the purpose.
The authorities have requested that the female entrepreneurs formalise their proposals, which will be approved by the District Level Implementation Committee. Each district will receive an application notification, and an online portal will remain open for online applications and approvals.
