ENA State 2024-03-04 13:47:27 <p><span style="font-size:14px"><strong>Lucknow, Mar 4 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The scheme aims to prepare one lakh young entrepreneurs annually by offering interest-free loans for projects up to Rs 5 lakh.</span></p> <p><span style="font-size:14px">The government has earmarked Rs 1,000 crore in the budget for the financial year 2024-25 to support this endeavor.</span></p> <p><span style="font-size:14px">Designed to empower educated and skilled youth, MYUVA seeks to facilitate self-employment opportunities and promote the establishment of new MSMEs across Uttar Pradesh.</span></p> <p><span style="font-size:14px">By encouraging entrepreneurship, the initiative aims to create employment opportunities in both rural and urban areas.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, graduates and diploma holders from educational institutions will also be entitled to scheme benefits.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, measures have been put in place to encourage digital transactions by providing grants.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36924 https://knnindia.co.in/news/newsdetails/state/up-offers-rs-5-lac-interest-free-loan-bonanza-to-100000-entrepreneurs-under-myuva-scheme 2024-03-04 13:47:27 knnindia.co.in