J&K LG launches livelihood generation training program in BFSI sector

at 10:47 pm
BFSI sector

Jammu (NVI): Jammu and Kashmir Lieutenant Governor Manoj Sinha today launched a livelihood generation training program in Banking, Financial Services & Insurance (BFSI) sector envisaged under the MoU signed between Bombay Stock Exchange (BSE) and Mission Youth JK.

Under the program, several thousand youth are to be trained in the BFSI Sector.

On the occasion, the J&K LG said that various reforms in banking sector have created an investor-friendly environment, transforming the sector into a critical part of economy. “Our youth needs to develop skills in Banking & Financial Sector to capitalize on vast opportunities,” said the Lt Governor.

Sinha termed the training program as a golden opportunity for youth to realize their dreams and be part of a sustainable livelihood campaign to achieve peace, prosperity, and profits.

He called upon pioneers in BFSI sector to train young talent pool of J&K for skill development related to financial education.

“Our objective is to bridge the gap between demand & supply of skilled workforce; create strong environment for professional, technical skill development in J&K by encouraging entrepreneurship with progress, expansion, fulfilling the aspirations of the youth,” the LG said.

Calling upon the pioneers in BFSI sector, the LG said, “70% of the population of Jammu and Kashmir is below 35 years of age. Our very large talent pool is ready for skill development related to Financial Education. You train them and provide them job according to their skill level. My focus is clear that the entire process of skill development should culminate into Jobs, not just limited to training and I want it to be embodied from the beginning of this first batch”.

Sharing some major highlights of the budget of 2021, the Lt Governor said that reforms have been recommended in the financial sector, which is going to give a tremendous boost to Job opportunities.

“FDI limit in Insurance Sector has been increased from 49% to 74%, Bond Market will be promoted by creating a permanent Institutional Framework, Tax Incentives have been arranged for Investment Funds, Cooperative Banks have been given the facility to convert as Banking Company under RBI rules,” he said.

Apart from this, according to the report of Economic Survey 2021, there has been a noticeable improvement in the banking sector and the NPA of Commercial Banks has come down from 8.2% to 7.5%.

The Lt Governor observed that the government will continue to run institutional and employment-oriented training programs in the UT through ‘Mission Youth’ to empower the new generation of J&K and prepare them for the future.

“The Training Program is aimed to re-skill and up-skill the youth for sustainable job opportunities through a multi-pronged strategy involving all necessary systematic interventions. J&K’s young workforce will play a key role in economic growth and transformation of the UT,” the Lt Governor said.

“In the changing global market after COVID-19, a special skill framework is now required to work with advanced technologies and properly exploit the diverse opportunities available under the ‘New Collar Job’. We have brought a new Industrial Scheme to revive the economy of Jammu and Kashmir,” he said.

“By bridging the gap between demand and supply of skilled workforce and strengthening the skill development ecosystem, we will provide employment opportunities to 80 percent of the youth in the next five years,” concluded the Lt Governor.