Eligibility Criteria Set For UP's Mukhyamantri Yuva Udyami Vikas Abhiyan

New Delhi, Oct 10 (KNN) A crucial meeting was held on Wednesday to determine the eligibility criteria for the Mukhyamantri Yuva Udyami Vikas Abhiyan, a new entrepreneurship scheme in Uttar Pradesh. 

The gathering brought together representatives from 25 major banks and senior officials from the state's Micro, Small, and Medium Enterprises (MSME) department.

The ambitious initiative aims to provide financial assistance through bank loans to one lakh individuals annually, fostering the creation of an equal number of micro-enterprises each year in the state. 

Over the next decade, the scheme is projected to directly benefit 10 lakh people, making a substantial impact on employment generation across Uttar Pradesh.

Principal Secretary of MSME, Alok Kumar, presided over the meeting where the eligibility criteria for applicants were established. 

According to an official spokesperson, residents of Uttar Pradesh aged between 21 and 40 years, with a minimum educational qualification of eighth grade or its equivalent, will be eligible to apply. 

Priority will be given to applicants who have completed training under government-run schemes.

The attendees agreed on a process whereby online applications will be forwarded to banks for processing and determination of financial assistance. 

A two-staged approach for extending financial benefits was also decided upon. The first phase will offer loans up to Rs 5 lakh, requiring personal contribution and providing a 100 per cent interest subsidy for four years. 

The second phase will disburse loans ranging from Rs 10 lakh to Rs 20 lakh, accompanied by a 50 per cent interest subsidy for three years and additional support for digital transactions.

To ensure effective implementation, participants agreed on the need for a structured campaign with dedicated management units and committees at various levels, including district, state, and higher echelons. 

A coordination committee will also be formed to facilitate widespread publicity and coordination regarding the campaign.

This comprehensive approach to youth entrepreneurship reflects the state government's commitment to fostering economic growth and creating employment opportunities in Uttar Pradesh.

(KNN Bureau)