STATE TIMES NEWS
SRINAGAR: Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Dr Jitendra Singh said here today that the new reforms introduced by Prime Minister Narendra Modi will prove to be a game changer for the aspirational youth of Kashmir. He said, youth of Kashmir are keen to be a part of the development journey led by Modi and it is only a veil of fear which is holding them back. But as the situation gradually comes back to normal, the same Kashmir youth will be the torch bearers of New India, he added.
Speaking as chief guest at a programme held here today as part of “Mudra” promotion campaign, Dr Jitendra Singh said, in the last three years, the youth of Kashmir have done exceptionally well and have even emerged as toppers in some of the most prestigious All India exams including Civil Services and IIT-JEE. He said, with the availability of incentives like Mudra Loan and StartUp schemes, the same youth will be able to find self-employment for themselves and benefit from the enormous unexplored opportunities in the valley. He called upon the State Government as well as the banking sector to bring in maximum ease of business and ease of loan so as to promote local entrepreneurship.
Dr Jitendra Singh recalled that soon after the present government took over under Prime Minister Narendra Modi in May 2014, one of the earliest statements made by him was that his government is dedicated to the poor. ]
Many people may not have believed this easily, more so, because after decades of chicanery and false promises, the common man had developed a certain degree of cynicism and a tendency to disbelieve whatever political leaders said. However, looking back three years, he said, it is a matter of vindication that not only the promise made by Prime Minister Narendra Modi stands vindicated, but it has also inspired a tremendous amount of credibility and trust in the Modi government, as a result of which the common masses are ready to cooperate with every new initiative of the government even if it involves initial hardship. In this context, he referred to the decision of remonetization and GST.
Beginning from “Jan Dhan Yojana” to “Aadhaar” campaign to “Bhim App” or “Mudra Loan” or “Stand-up India Loan”, Dr Jitendra Singh said, every scheme is aimed at uplifting the lot of the poor, particularly the youth and oppressed. Citing figures, he said, it is because of the emphasis on Aadhaar and DBT (Direct Benefit Transfer) that thousands of crores of rupees which were either getting lost due to pilferage or wastage have now been saved and could be used for promotion of several public welfare programmes.
While on the one hand, the Modi government’s focus has been to uplift the economic status of the lower-strata of society, on the other hand, Dr Jitendra Singh said, an optimum utilization of modern technology has been for the first time brought into use to achieve this objective. To cite, for instance, he referred to the Geo-tagging of MnREGA,Geo-MnREGA with DBT, as a result of which, the money is going directly to the beneficiaries without any human interface.
Dr Jitendra Singh also recalled that in the early months of the government, Prime Minister Modi has said that the absolute economic growth was not possible if the “West” progressed but the “East” was left behind and therefore, his government placed high priority on peripheral states like Northeast and Jammu & Kashmir. The day is not far, he said, when India is destined to emerge as a front-line nation of the world and the hitherto lesser developed States, like Jammu & Kashmir, will have a major contribution to make in this historic assent.
J&K Finance Minister, Haseeb Drabu who was the Guest of Honour, on the occasion, gave details about the figures and statistics of benefits resulting from Mudra Yojana and Startup India scheme. He also elaborated upon the benefits of GST benefits for the people of J and K.
Drabu called upon the banking sector to be more pro-active in reaching out to potential entrepreneurs and offering assistance to them without waiting for intervention from the government so that maximum number of people are able to get the benefits. He said the youth and women are also willing to take advantage of the schemes.
Providing a scenario of the credit in-put into the SME sector and its manufacturing out-put into economy, he asserted, “There are 26 million SME’s in India generating 45 per cent of manufactured output and 40 per cent of exports employing around 60 million people. However, SME’s get only 8 per cent of the total credit from banks. Their credit to GDP ratio is less than 3 per cent.”
“The new thing which is making Mudra a success is the fact that you are not trying to either subsidise it or giving it free. It leverages the current banking infrastructure and the technology. These two elements will not burden either the banks or the governments, yet generate traction in the system to support viable enterprises and lead to the access to credit”, he said.
Earlier, J&K Bank Chairman and CEO Parvez Ahmed, who is also Convener SLBC, gave a detailed overview of the performance of the banks operating in the State regarding Mudra Finance Scheme.
He said, “Mudra is an ambitious project launched by the GOI in the year 2015 with an aim to address the various issues inhibiting the flow of credit to micro industrial units in a holistic manner. It is one of the very progressive initiatives aimed at addressing the issue of unemployment in the country. It targets to finance around 6 Crore entrepreneurs through banks, NBFC’s and other financial institutions and I am sure the scheme is envisaged to be the game changer on the micro economic landscape.”
As the Convener SLBC, I assure all the stake holders that despite local constraints, we’ll work in close coordination with central, state governments and ensure the implementation of various schemes aimed at entrepreneurship development, employment generation, poverty alleviation and economic prosperity and progress of the country as a whole and J&K state in particular.
Principal Secretary Finance Navin Kumar Choudhary also spoke on the occasion. A number of new entrepreneurs were handed over loan documents under Mudra scheme on the occasion.
Executive President Vagesh Chander presented vote of thanks. DDC Srinagar Syed Abid Rashid and General Manager SBI Anil Malhotra were also present.
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