Self-employment on rise in J&K | 2.57 lakh MSME units operating in UT

 Srinagar, July 29: Self-employment is one of the best ways to combat the rising unemployment in Jammu and Kashmir, and thanks to government initiatives, the Union Territory has seen an increase in entrepreneurial endeavours, with more than 2.5 lakh Micro, Small, and Medium-Sized Enterprises (MSMEs) now functioning here.

According to government statistics, 2.57 lakh MSMEs have been registered since the Udyam Registration Portal’s establishment in Jammu and Kashmir.

According to the Udyam Registration Portal, there were 1, 75, 62, 223 MSMEs registered nationwide between July 1, 2020, and July 18, 2023, including 257,486 in Jammu and Kashmir.

The official figures also show that out of 257486 MSMEs, 231 (or 0.09%) were shut down in Jammu and Kashmir. “51 were closed during 2021–2022; 121 were closed during 2022–23; and 59 were closed during 2023–23 (up until the first of April 2023)”.

At the same time, the overall number of women-owned MSMEs in Jammu and Kashmir under the Udyam Registration Portal is 51,618, he added.

MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socioeconomic development. The Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades.

According to officials, MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in the industrialisation of rural and backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. “MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country Union Territory of Jammu & Kashmir has taken many such initiatives in form of policy and schemes which are aimed at reducing the cost of doing business, enhance ease of doing business and help MSMEs achieve scale and improve competitiveness,” said a senior Industries department official.

“Industrial Policy 2021-30, Land Allotment Policy etc are some of the policy-level interventions which the government of J&K has taken to create an enabling environment for MSMEs in the UT of Jammu & Kashmir. There are various other Government of India schemes under various ministries and departments which are also aimed at providing fiscal, technological, skill-specific and marketing assistance.”

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