Uttar Pradesh Chief Minister Yogi Adityanath, on Independence Day, announced the Mukhyamantri Yuva Udyami Vikas Yojana (MYUVY).
The scheme will serve as the foundation for fostering young entrepreneurs in the state with the target to provide financial assistance to 10 lakh micro, small and medium enterprise (MSME) units over the next 10 years.
Under the scheme, interest-free loans up to Rs 5 lakh will be provided in the first installment, and interest-free loans up to Rs 10 lakh will be given to young entrepreneurs in the second installment.
Under the scheme, financial grants will be provided to one lakh youth every year by getting loans from banks for setting up micro enterprises
According to sources, the Yogi government is steadfastly progressing towards its vision of transforming Uttar Pradesh into an ‘Enterprise State’ and achieving a $1-trillion economy. It is now laying out a comprehensive framework for establishing new micro enterprises across the state.
The Mukhyamantri Yuva Udyami Vikas Yojana is being implemented to generate and nurture new opportunities for micro enterprises and self-employment.
The chief minister announced this scheme during the 78th Independence Day celebrations with the goal of providing financial assistance to 10 lakh MSME units over the next 10 years. This initiative aims to economically empower the youth inclined towards entrepreneurship and self-employment over traditional jobs and facilitate the establishment of one lakh new micro-enterprises annually within the state. Overall, this will create employment opportunities for over 50 lakh youth, accelerating the state’s development of new job and entrepreneurship avenues.
The state government, in the current fiscal, has made a provision of Rs 1,000 crore in the budget, for establishing, operating and promoting micro units in the Uttar Pradesh.
Chief Minister Yogi described the youth as the driving force behind India’s development while unveiling the Mukhyamantri Yuva Udyami Vikas Yojana. He underscored the immense talent and energy of the youth, emphasising their crucial role in shaping a developed India.
Therefore, the state government is focusing intensively on education and employment opportunities for the youth. Under this scheme, financial grants will be provided to one lakh youth annually through bank loans, facilitating the establishment of one lakh micro enterprises each year in the state.
The ambitious target is to connect 10 lakh youth with micro industries and self-employment over the next decade, ultimately generating employment opportunities for more than 50 lakh young people.
Residents of Uttar Pradesh aged between 21 and 40 years are eligible to benefit from the Mukhyamantri Yuva Udyami Vikas Yojana. The minimum educational requirement for the scheme is completion of the eighth grade or an equivalent qualification. Preference will be given to applicants holding skill-related certificates, diplomas or degrees. The scheme includes provisions for grants to support the establishment of enterprises by women, Divyangjan and individuals from Other Backward Classes, Scheduled Castes and Scheduled Tribes categories, in addition to the general category.
Furthermore, the chief minister has directed that a subsidy be provided on margin money. Applications for the scheme will be submitted online and forwarded to the banks.
In the second phase, there is a provision for a maximum grant of Rs 10 lakh in the industry and service sectors. The scheme will also offer loan interest subsidies and coverage under CGTMSE, with additional incentives for digital transactions.
The scheme will be implemented in mission mode, with the district programme management unit overseeing it at the district level, the state programme management unit at the state level, and the state level executive committee and state level governing committee ensuring its implementation at higher levels.
