‘Mukhyamantri Yuva Udyami Vikas Yojana’ will serve as the foundation for fostering young entrepreneurs in Uttar Pradesh

Lucknow : The Yogi government is steadfastly progressing towards its vision of transforming Uttar Pradesh into an ‘Enterprise State’ and achieving a $1 trillion economy. It is now laying out a comprehensive framework for establishing new micro-enterprises across the state. In alignment with CM Yogi’s vision, the ‘Mukhyamantri Yuva Udyami Vikas Yojana’ is being implemented to generate and nurture new opportunities for micro-enterprises and self-employment.

It is noteworthy that during the 78th Independence Day celebrations, CM Yogi announced this scheme with the goal of providing financial assistance to 10 lakh MSME units over the next 10 years.

This initiative aims to economically empower the youth inclined towards entrepreneurship and self-employment over traditional jobs and facilitate the establishment of 1 lakh new micro-enterprises annually within the state.

Overall, this will create employment opportunities for over 50 lakh youth, accelerating the state’s development of new job and entrepreneurship avenues.

As per CM Yogi’s directive, a budget of Rs 1,000 crore has been allocated for establishing, operating, and promoting micro units in the state for the financial year 2024-25.

During the Independence Day celebrations, CM Yogi described the youth as the driving force behind India’s development while unveiling the ‘Mukhyamantri Yuva Udyami Vikas Yojana.’ He underscored the immense talent and energy of the youth, emphasizing their crucial role in shaping a developed India.

Therefore, the state government is focusing intensively on education and employment opportunities for the youth. Under this scheme, financial grants will be provided to one lakh youth annually through bank loans, facilitating the establishment of one lakh micro enterprises each year in the state.

The ambitious target is to connect 10 lakh youth with micro industries and self-employment over the next decade, ultimately generating employment opportunities for more than 50 lakh young people.

Residents of Uttar Pradesh aged between 21 and 40 years are eligible to benefit from the Mukhyamantri Yuva Udyami Vikas Yojana. The minimum educational requirement for the scheme is completion of the eighth grade or an equivalent qualification. Preference will be given to applicants holding skill-related certificates, diplomas, or degrees. The scheme includes provisions for grants to support the establishment of enterprises by women, Divyangjan, and individuals from OBC, SC, and ST categories, in addition to the general category.

Furthermore, the Chief Minister has directed that a subsidy be provided on margin money. Applications for the scheme will be submitted online and forwarded to the banks.

In the second phase, there is a provision for a maximum grant of Rs 10 lakh in the industry and service sectors. The scheme will also offer loan interest subsidies and coverage under CGTMSE, with additional incentives for digital transactions.

The scheme will be implemented in mission mode, with the District Program Management Unit overseeing it at the district level, the State Program Management Unit at the state level, and the State Level Executive Committee and State Level Governing Committee ensuring its implementation at higher levels.