Lucknow: The Uttar Pradesh cabinet has devised a novel plan aimed at providing impetus to the state’s aspiring businesses. With the introduction of the “Mukhyamantri Yuva Udyami Vikas Abhiyan,” the government pledges to subsidize loans for microenterprise and service sector projects up to Rs. 5 lakh in budget. The purpose of this program is to provide young people more chances for self-employment.

CM Yogi Adityanath presided over the cabinet meeting when this plan was adopted. The Micro, Small, and Medium-Sized Enterprises (MSME) sector has made a substantial economic contribution to the state. According to a statement released here, this program and 25 other recommendations were thus introduced with the growth of the MSME sector in Uttar Pradesh in mind.

This scheme’s main goals are to empower youngsters in the state in finding self-employment opportunities and to encourage growth and development in UP’s rural and urban areas.

MSME Minister Rakesh Sachan said that anybody who has completed the eighth grade or above is qualified to apply for this program. However, he said that those who have passed the intermediate level would be given precedence. Furthermore, he said that 10 lakh microunits will be built over the course of the next ten years and that one lakh young, educated workers in the state would get financial support as a result each year.

In addition to meeting the eligibility requirements, he said, the applicants will also need to complete training under a number of other government programs, including the Vishwakarma Shram Samman Yojana, One District, One Product Scheme, Scheduled Caste/Tribe Training Schemes, and the Uttar Pradesh Skill Development Mission’s Skill Upgradation Program.

An application may proceed to the second phase of the plan, where they can get financial help for projects up to 10 lakhs in budget once they have successfully benefited from it once before.

In addition, the introduction of Digital India would encourage online transactions and provide an extra payment of Rs. 1 for each transaction as well as an annual grant of Rs. 2,000.

In keeping with the idea of creating more jobs, it is anticipated that the opening of two new private universities in Mathura and Meerut would help the young find both direct and indirect work.