Margin money of Rs. 166 cr released: KVIB

Srinagar, Aug 02: Chairperson J&K KVIB, Dr. Hina Shafi Bhat, today chaired 106th Board of Directors (BOD) meeting of J&K KVIB at Civil Secretariat here.
The meeting was attended by Vikramjit Singh, Commissioner Secretary Industries & Commerce; Registrar Cooperatives J&K; Director General Codes; Director I&C Jammu; Mission Director National Livelihood Mission; Director I&C Kashmir and Secretary/CEO KVIB. Senior officers of the Board were also present in the meeting.
During the meeting, the performance of J&K KVIB was reviewed and it was informed that the Board has consistently ranked amongst the top-performing agencies under the Prime Minister’s Employment Generation Programme (PMEGP), earning accolades at the National level.
It was informed that during the financial year 2023-24, Margin Money of Rs. 166.62 crores has been released by KVIB for establishment of 8401 units thereby creating employment opportunities for 65376 persons under PMEGP and JKREGP. Notably, the Board has exceeded its physical and financial targets by 654% and 385%, which was noted with appreciation by the first Directors on Board.
The Board was informed that under the Scheme of Fund for Regeneration of Traditional Industries (SFURTI), 8 clusters with financial assistance of Rs. 19.66 crores have been approved by Ministry of MSME (GOI) out of which two clusters under handicrafts activity at Anantnag and Budgam were inaugurated by Lt. Governor UT of J&K.
It was further informed that rest of the clusters under Beekeeping and Handicrafts activities are at various stages of implementation.
Applauding the efforts and role of J&K KVIB in the successful implementation of employment generation programs, Dr. Hina Shafi Bhat urged all concerned to intensify their efforts to ensure the benefits of the schemes reach aspiring entrepreneurs and the target groups. She emphasized the need for field-level officers to collaborate closely with district administration, financial institutions, and Panchayati Raj Institutions (PRIs) to provide comprehensive support to beneficiaries.
Dr. Hina Shafi also underscored the importance of spreading awareness about the schemes and programs implemented by J&K KVIB. She advised the Secretary/CEO KVIB to develop a detailed calendar of events to be undertaken by the Board in the current financial year.
Commissioner Secretary I&C commended J&K KVIB for the exceptional performance in implementing employment generation schemes like PMEGP and PMEGP. However, he emphasized the need for concerned officers to minimize instances of bank rejection, ensuring that cases are only rejected for genuine reasons. He further urged the Board to make certain that the benefits of the scheme effectively reach the target group.
The Commissioner Secretary of Industries & Commerce emphasized the urgent need to develop an entrepreneurial ecosystem for educated unemployed youth and added that government has taken many steps in this direction.
Earlier, the BOD approved the restructured staff strength proposal of J&K KVIB for submission to the Administrative Department. It was informed that restructuring has been based on actual requirements and the nature and quantum of work.