Success of Mission YUVA depends on close govt-bank coordination: J-K CM Abdullah

The success of Mission YUVA, a flagship initiative aimed at fostering entrepreneurship and employment opportunities for the youth, depends on close coordination between various government departments and banks, Jammu and Kashmir Chief Minister Omar Abdullah said on Wednesday.

Chairing a review meeting to assess the progress of Mission YUVA, Abdullah said the real strength of the scheme lies in the success stories emerging from the ground.

"Wherever we find a speed breaker or friction, we will remove it swiftly," Abdullah said, emphasising that seamless coordination between different departments and banks is essential to ensure that young entrepreneurs succeed.

Although the Mission is still in its early operational phase, the results are encouraging, he said.

"We have been discussing this for some time. The actual operational duration of these schemes is barely a few months, which is a very short life cycle for any scheme.

''The first year or so is spent in learning and fine-tuning. To that extent, with more than 10,000 sanctions and around 600-670 disbursements, I believe the success of Mission YUVA will feed on itself," he said.

An official spokesman said the meeting discussed the next steps required to ensure the Mission's successful implementation.

More than 60,000 applications were received within just six months of the scheme's launch, he said.

The chief minister reviewed district-wise data of applications received over the last two years, the status of the applications at various processing levels, average timelines for verification, week-on-week sanctioning trends by banks, progress at registration cells, training coverage, and trainee monitoring.

The J-K Bank informed the meeting that it has sanctioned 10,172 cases, of which 9,393 have been collateral-free, reflecting strong institutional support for young entrepreneurs since the inception of the scheme.

The chief minister directed all the departments, financial institutions and implementing agencies to work in synergy and maintain momentum to ensure timely sanctions, smooth disbursal and robust monitoring mechanisms, enabling Mission YUVA to deliver transformative outcomes for the youth of Jammu and Kashmir.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)