Lucknow, Mar 4 (KNN) Chief Minister Yogi Adityanath of Uttar Pradesh is gearing up to launch the ambitious 'Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)' to foster entrepreneurship among the state's youth.

Directing officials of the Micro, Small, and Medium Enterprises (MSME) Department, CM Yogi has urged prompt development of a comprehensive action plan for the initiative.

The scheme aims to prepare one lakh young entrepreneurs annually by offering interest-free loans for projects up to Rs 5 lakh.

The government has earmarked Rs 1,000 crore in the budget for the financial year 2024-25 to support this endeavor.

Designed to empower educated and skilled youth, MYUVA seeks to facilitate self-employment opportunities and promote the establishment of new MSMEs across Uttar Pradesh.

By encouraging entrepreneurship, the initiative aims to create employment opportunities in both rural and urban areas.

Under this scheme, interest-free loans of up to Rs 5 lakh will be provided to projects in the industry and service sectors, with a target of directly benefiting one million units over the next decade.

Beneficiaries who have undergone training in various government-run schemes, including the Vishwakarma Shram Samman Yojana and One District One Product Training and Toolkit Scheme, will be eligible for assistance.

Additionally, graduates and diploma holders from educational institutions will also be entitled to scheme benefits.

After successfully repaying the initial loan, units will qualify for second-stage financing, allowing them to access a composite loan of either double the initial amount or up to Rs 7.50 lakh.

Additionally, measures have been put in place to encourage digital transactions by providing grants.

Funding for the scheme will be secured from various sources including nationalised, scheduled, and rural banks, SIDBI, and other financial institutions authorised by the Reserve Bank of India.

(KNN Bureau)