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Two years on, youth startups yet to receive seed funds from EDI

By: Jahangeer Ganaie

Srinagar, Aug 6: Dozens of educated youth who have applied for loans under various schemes for their business startups at the government-run Entrepreneurship Development Institute (EDI) before two years are yet to receive seed funds even as they have completed the requisite formalities and have received trainings.

The affected business proposers say that it was way back in 2019 when they applied for loans to start up their own business units while their training completed in January 2020.

They added that their cases were sanctioned in the same year, after which they were asked to complete other formalities.

“We have completed all the formalities three months before but are still waiting for payment to start our units,” they maintain.

The startups have now appealed the relevant government authorities to look into the matter at an earliest so that they can start their business units.

A top official of the EDI told news agency Kashmir News Observer (KNO) that after the EDI Director G M Dar’s retirement three months ago, no full fledged director has been appointed as yet.

“The Executive Director is here but he has no drawing and disbursement (DDO) powers, due to which hundreds of files are lying on the director’s table and the prospective startups are unable to start,” an official said. —(KNO)

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