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| Finally SKEWPY takes off | | ET Impact | | Early Times report
Jammu, Oct 29: Six days after Early Times filed a report titled `What happened to Sher-e-Kashmir Employment Package?’, the Chief Minister set rolling the Sher-e-Kashmir Employment Welfare Program for Youth to help prospective entrepreneurs settle their career in private sector.
Omar handed over authority letters of seed capital money to young entrepreneurs selected under the SKEWPY, at a function organized at Entrepreneurship Development Institute, Pampore yesterday. Omar termed unemployment as second biggest challenge for his government after security.
“After security and law and order, unemployment is the biggest problem. Its solution is not government jobs but entrepreneurship. The government will extend all kind of support to the youth for exploring opportunities of self employment,” Omar said.
It was the first lot of prospective entrepreneurs who were handed over the authority letters since the policy was launched in December 2009. Omar expressed hope that Jammu and Kashmir Bank would continue to play its role in helping the government to tackle the unemployment problem.
He handed over sanction letters worth Rs 2.30 crore to 85 young entrepreneurs trained in EDI. Under the policy, the JK Bank would be providing loan to the entrepreneurs after receiving the approval against his/her name from a committee set up by the government, which would be depositing the seed capital money with the bank. An entrepreneur can approach the bank with the authority letter to receive loan and seed capital money.
Seed Capital equivalent to 35 percent of the project cost would be provided to an entrepreneur up to a maximum of Rs three lakh for undergraduates/graduates and Rs five lakh for postgraduates.
For technically qualified persons such as Engineers, Doctors and Computer Science & Technology graduates, business management students, the maximum limit would be Rs 7.5 lakh and for group initiatives the permissible upper limit would be up to Rs 10 lakh.
However, in individual cases where costlier technologies are involved the upper limit shall be Rs 10 lakh and it would be for the Screening Committee to decide as to which case falls in this particular category.
“I am waiting for the day when people will have least interest for a government job. Let our youth move out and explore opportunities in private sector. I will be always there to help them if they return with empty hands,” he said.
Admitting fulfilling election promises was not possible, Omar said politicians made promises of providing jobs to each family. “Promises can’t run politics. It is very encouraging to see young entrepreneurs, who had started into private sector a few years ago, having settled well into their business,” Omar said.
Surprisingly the government forgot the SKEWPY after launching it on December 5, 2009. It was only after Early Times reminded the government of this package that action was initiated.
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