JAMMU, FEB 9: Lieutenant Governor, Manoj Sinha on Monday launched the Livelihood Generation Training Program in Banking, Financial Services and Insurance (BFSI) Sector envisaged under the MoU signed between Bombay Stock Exchange (BSE) and Mission Youth, J&K.
Speaking on the occasion, the Lt Governor said that the UT Government is opening up new employment avenues for J&K’s youth in Banking & Financial Services sector.
He observed that the Banking, Financial Services and Insurance (BFSI) Sector has received a major boost due to consumers becoming more aware about various investment options. This has unleashed the vast potential of this sector for different sections of the society in J&K and elsewhere, he added.
Underscoring the significant opportunities being offered by the banking sector, the Lt Governor said that various reforms have created an investor friendly environment and transformed the Banking sector into a critical part of the economy. Our youth needs to develop skills in Banking and Financial Sector to capitalize on vast opportunities, the Lt Governor added.
Addressing the shortlisted candidates for the Mutual Fund Advisors’ Capsule course, the Lt Governor said that the short term training programme will help them to begin their journey as entrepreneurs, thereby creating wealth for themselves and opportunities for many more youth.
“This is a lifetime opportunity for your career. Like a qualified professional, you need to understand the fund’s purpose and specifics and know which fund matches the interest of the investor. Later on, the certificate required from the National Securities Markets Institute (NISM) will also help you in that”, observed the Lt Governor.
Our objective is to create a strong environment for professional and technical skill development in J&K by encouraging entrepreneurship with progress, expansion and fulfilling the aspirations of the youth, the Lt Governor maintained.
Calling upon the pioneers in BFSI sector, the Lt Governor said that “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. 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 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. 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.
Prominent among others, present on the occasion were Farooq Khan, Advisor to the Lt Governor; Dr. Syed Abid Rasheed Shah, CEO Mission Youth and other senior officers.
