UP Govt Infuses Rs 6.55 Lakh Cr in Loans for MSMEs, Catalysing 2.5 Cr Jobs

Lucknow, Jan 4 (KNN) The Uttar Pradesh government has allocated loans amounting to Rs 6,55,684 crore to strengthen the Micro, Small, and Medium Enterprises (MSME) sector within the state, in the past six and a half years.

This strategic initiative has led to the creation of 2.5 crore jobs, providing significant employment opportunities for the youth.

Remarkably, the government has consistently surpassed its annual loan distribution targets, demonstrating its commitment to fostering entrepreneurial endeavours.

"It is noteworthy that the MSME sector, which was dying of neglect, got a fresh lease of life when various initiatives were launched such as the One District, One Product (ODOP) scheme, Mukhyamantri Gramodyog Rojgar Yojana, Mukhyamantri Yuva Swarojgar Yojana and Vishwakarma Shram Samman Yojana among others," as per a press release from the Chief Minister's office.

These programs aim to cultivate self-reliance among the state's youth, women, and small businesses, benefitting numerous artisans, craftsmen, and small entrepreneurs.

"The Mukhyamantri Gramodyog Rojgar Yojana, Mukhyamantri Yuva Swarojgar Yojana, Vishwakarma Shram Samman Yojana and several other schemes are designed to benefit artisans, craftsmen, small businesses, and small entrepreneurs associated with the MSME sector," as per the release.

This concerted effort not only revitalises the MSME sector but also amplifies employment prospects for the youth, bring in international recognition for their diligence and craftsmanship.

In a bid to facilitate entrepreneurship, the Yogi government has organised annual loan fairs, providing aspiring entrepreneurs with opportunities and essential facilities to establish units.

Consequently, the state currently boasts over 90 lakh operational MSME units, as per the release.

In the fiscal year 2022-23, the government set an annual loan distribution target of Rs 78,360 crores.

Remarkably, it exceeded expectations by distributing Rs 1,50,032 crores, achieving 191 per cent of the target.

Looking ahead to the financial year 2023-24, the Yogi government set a target of Rs 1,00,815 crore in loans.

As of December 2023, loans totalling Rs 1,73,336 crores have already been distributed, surpassing the annual target by an impressive 172 per cent, well before the financial year's conclusion.

(KNN Bureau)