Uttar Pradesh Unveils Rs 1,000 Crore Scheme to Empower Youth Entrepreneurs in MSME Sector

By Youth24x7

Uttar Pradesh government unveiled a new initiative called the Mukhyamantri Yuva Udyami Vikas Abhiyan in its latest Budget announcement, aimed at fostering entrepreneurship among the youth in the MSME sector (micro, small, and medium enterprises). Chief Minister Yogi Adityanath revealed that a substantial provision of Rs 1,000 crore has been allocated for the scheme for the fiscal year 2024-25.

Adityanath emphasized that the primary objective of the scheme is to encourage educated and skilled youth to venture into MSME entrepreneurship, thereby promoting job creation. Under this initiative, aspiring entrepreneurs can avail themselves of interest-free loans of up to Rs 5 lakh, facilitating their entry into the business arena.

Officials further elaborated that upon successful repayment of the initial loan, the beneficiaries would become eligible for second-stage financing of up to Rs 7.50 lakh, allowing for further expansion and growth.

The Chief Minister also announced the creation of an Employment Promotion Fund to support employment generation activities such as training and apprenticeships, signaling the government’s commitment to fostering skill development and employment opportunities.

In the state’s Budget amounting to Rs 7.36 lakh crore, a significant allocation of Rs 24,863 crore has been earmarked for new schemes, primarily focusing on youth welfare. Additionally, provisions have been made for the advancement of Artificial Intelligence, machine learning, and technology promotion.

Furthermore, the Budget includes the establishment of the Rozgar Protsahan Kosh, aimed at enhancing the capacity and skills of youth for both domestic and international employment prospects. Notable among the newly announced schemes are the setting up of the National Institute of Fashion Technology (NIFT), establishment of two mega government ITIs, and the upgrade of 69 existing ITIs.

Moreover, the government has allocated funds for the establishment of a Sports Science & Injury Centre, underscoring its commitment to sports development.

The Budget also proposes Rs 4,000 crore for the distribution of tablets/smartphones under the Swami Vivekananda Yuva Sashaktikaran Yojana, with over 25 lakh devices already distributed in the current year.

Additionally, the government has allocated Rs 1,000 crore for providing free sweaters, shoes, and bags to approximately 2 crore school children in classes 1 to 8, along with another Rs 1,000 crore for the makeover of government primary schools.

Finance Minister Suresh Kumar Khanna detailed the allocation of Rs 650 crore for free sweaters, shoes, and socks, and Rs 350 crore for school bags for over 2 crore students in government schools from class 1 to 8. Furthermore, the government proposed Rs 1,000 crore for Operation Kayakalp aimed at the enhancement of primary schools.

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