In a bid to boost employment and self-employment opportunities, the Uttar Pradesh government is looking to equip one million youth to set up micro-enterprises and start-ups in the state.
The state government will provide industrial training and necessary funding to nearly 100,000 youth annually for the next 10 years. This will facilitate the creation of one million new businesses and startups in Uttar Pradesh.
For the current financial year, the government has already allocated a budget of Rs 1,000 crore for grants and commercial loans to select youth under the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) scheme.
This comes against the backdrop of the Centre announcing a flagship internship programme aimed at benefiting 10 million young people in India over the next five years. The internships will be facilitated in the top 500 companies in the country, though the modalities are yet to be announced.
Meanwhile, UP Chief Minister Yogi Adityanath has tasked officials to expedite the MYUVA scheme.
“Young people should be informed about the State’s plan to encourage them to earn a living and become self-sufficient,” he added.
He asked officials to ensure that interest-free loans were offered to young entrepreneurs, while interest subsidy and coverage from the Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) were also provided along with the loan.
Under the plan, the state would provide bank loans to 100,000 young people a year. Within the next ten years, one million young people will have taken advantage of the opportunity to become self-employed.
Those who have undergone training under government schemes namely Vishwakarma Shram Samman Yojana, One District One Product Training and Toolkit Scheme, Scheduled Caste, Scheduled Tribe, Other Backward Class Training Scheme and Skill Upgradation (Kaushal Unnayan) run by UP Skill Development Mission will be eligible for assistance.
In addition, young people who hold certificates, diplomas and degrees from educational institutions will be entitled to these benefits.
Meanwhile, Laghu Udyog Bharati industry chamber vice-president Manish Agarwal said the state government’s efforts to not only shore up private investment but also promote startups will spur economic development and improve the ecosystem of doing business in UP.
In addition, the State has facilitated the flow of institutional credit to rural businesses.
First published: August 12, 2024 | 16:33 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.