In last 3 years, over 17 lakh skilled, qualified youth employed in J&K’s MSME sector

Mubashir Aalam Wani

Srinagar, Dec 25 (KNO): Medium, Small and Medium Enterprises (MSME) in Jammu and Kashmir is booming, with the sector employing more than 17 lakh people in the last three years.

As per the document accessed by news agency—Kashmir News Observer (KNO), as many as 160550 Micro and Small Enterprises have come up after getting registered on Udyam portal in the last three years.

These MSMEs have provided jobs 17, 91,697 skilled and qualified youth of Jammu and Kashmir, documents said.

It said that in 2020, 37350 Mirco and 239 Small enterprises have been established in Jammu and Kashmir through Udyam registration.

In the year 2021, 54780 Micro and 174 Small enterprises have been registered in the union territory via Udyam portal.

The year 2022 saw a registration of 67872 Micro and 135 Small enterprises in Jammu and Kashmir.

Document reveal, this year as many as 54946 Micro and 98 Small enterprises have come up in Jammu and Kashmir till December 15.

Documents also reveal that number of women-owned MSMEs in Jammu and Kashmir under the Udyam Registration Portal is 51,618,

During the last three years, 338 MSMEs have been cancelled Udyam registration after shutdown in Jammu and Kashmir, documents reveal.

Pertinently, the Ministry of Micro, Small and Medium Enterprises (MSME) implements various schemes and programmes aimed at support and development of MSME Sector in the country in areas of credit support, new enterprise development, formalization, technological assistance, infrastructure development, skill development and training and market assistance to MSMEs.

These schemes include MSME Champions Scheme, Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Prime Minister’s Employment Generation Programme (PMEGP), Micro and Small Enterprises – Cluster Development Programme (MSE-CDP) and Raising and Accelerating MSME Performance (RAMP).

Officials claim that MSMEs are essential for creating large job opportunities at much lower capital costs than large industries.

They also aid in the industrialization of rural and underdeveloped areas, which lessens regional imbalances and ensures a more equitable distribution of wealth and income across the country.

“The Union Territory of Jammu & Kashmir has implemented numerous policies and schemes that aim to lower operating costs, facilitate business operations, and support MSMEs in growing and becoming more competitive,” officials said—(KNO)