Fostering Youth Entrepreneurship – Daily Excelsior

Inaugurating the day-long workshop on ‘Yuva Udhyami Vikas Abhiyaan (YUVA)’, the Chief Secretary marked a significant step towards accelerating youth employment through entrepreneurship in the Union Territory of Jammu and Kashmir. The initiative, aimed at fostering a conducive ecosystem for budding entrepreneurs, underscores the commitment to harnessing the potential of the region’s youth for economic growth and development. The workshop, attended by a diverse array of stakeholders, including Government officials, representatives from financial institutions, and experts from academia, provided a platform for insightful discussions and strategic planning. The centre of the deliberations was the crafting of a vision document that would serve as a roadmap for empowering the youth and driving sustainable economic progress in the region. The emphasis is on collaboration and stakeholder engagement in the formulation of the vision document. Recognising the importance of collective action, all stakeholders agreed to pool their expertise and resources towards the creation of a comprehensive framework for youth entrepreneurship. This collaborative approach would ensure the document’s relevance and adaptability in addressing evolving challenges and opportunities.
A key focus of the workshop is the identification of gaps in the implementation of existing employment generation schemes and the exploration of innovative solutions to enhance their effectiveness. By studying the design and architecture of ongoing initiatives, stakeholders aim is to identify areas for improvement and optimisation, thereby maximising their impact on youth employment. The focus has to be on clear recommendations and actionable points within the vision document. This strategic approach would enable targeted interventions and facilitate the scaling-up of successful initiatives to reach a wider audience of aspiring entrepreneurs.
The emphasis has to be on an inclusive nature and focus on key sectors essential for driving economic growth. By identifying sectors with high potential for job creation, such as MSMEs, and addressing resource gaps and skilling needs, the document aims to create a conducive environment for entrepreneurship to thrive. One of the key insights gleaned from the workshop was the emergence of the service sector as a major driver of economic activity in J&K. This shift towards service-oriented industries presents new opportunities for youth entrepreneurship, particularly in areas such as tourism, healthcare and information technology. It is a fact that a skilled person can earn more than an unskilled one.
The vision document also underscored the importance of conducting a comprehensive SWOT analysis of existing policies in sectors such as agriculture, IT and tourism. By identifying strengths, weaknesses, opportunities and threats, policymakers can formulate targeted strategies to leverage the region’s potential and address challenges hindering entrepreneurial growth. In addition to highlighting existing industrial infrastructure and employment opportunities, the document identified emerging sectors with untapped potential for investment and entrepreneurship. These include areas such as agriculture and food processing, textiles and skill development, which hold promise for driving inclusive growth and creating sustainable livelihoods for the youth. Central to the architecture of YUVA is the establishment of a robust monitoring and support mechanism at multiple levels, from the Apex Department to grassroots levels. This decentralised approach aims to provide aspiring entrepreneurs with the necessary guidance, capacity building and grievance redressal support, ensuring their success in navigating the complexities of starting and scaling a business.
As J&K embarks on this journey towards fostering youth entrepreneurship, stakeholders must remain committed to the principles of inclusivity, innovation and collaboration. By harnessing the creativity, energy, and talent of its youth, the region can unlock new pathways to prosperity and realise its full potential as a driver of economic growth and development. The YUVA initiative represents a bold and visionary step towards empowering the youth of Jammu and Kashmir. With a clear roadmap outlined in the vision document, supported by robust policies and institutional mechanisms, the region is poised to chart a course towards a more prosperous and sustainable future for the youth of the region.