Mukhyamantri Yuva Udyami Vikas Abhiyan will soon ignite new opportunities for youth in UP

Highlights-

• UP’s MYUVA aims to link educated youth of the state with self-employment opportunities
• Key meeting held between MSME department and leading banks to streamline youth empowerment initiatives
• Framework established to address implementation challenges in Yogi govt’s MYUVA Scheme

Lucknow News INA.

The Yogi government is making significant strides in launching the 'Mukhyamantri Yuva Udyami Vikas Abhiyan' to empower the youth of Uttar Pradesh and help them achieve their entrepreneurial dreams. This initiative, a dream project by Chief Minister Yogi Adityanath, aims to connect educated and skilled youth with self-employment opportunities.

On Wednesday, a crucial meeting was held at Renaissance Hotel in Lucknow, chaired by Principal Secretary Alok Kumar. The meeting saw the participation of senior representatives from the MSME department and 25 major banks operating in the state. During the session, members of the State Level Banking Committee were briefed on the scheme, followed by an extensive brainstorming session to discuss the action plan for implementation.

Key topics included establishing a coordination committee to tackle challenges related to the process, as well as detailed discussions on eligibility criteria, loan interest rates, subsidies, and strategies to promote the scheme. Following this meeting, a meeting between CM Yogi and the chairpersons of these major banks is expected to take place soon, further advancing the objectives of this ambitious initiative.

Targeted employment generation through the scheme

The Yogi government has set an ambitious goal for large-scale employment generation through the Mukhyamantri Yuva Udyami Vikas Abhiyan. The initiative aims to provide financial assistance to 100,000 individuals annually via bank loans, facilitating the establishment of 100,000 micro-enterprises each year in Uttar Pradesh. This initiative is expected to directly benefit 10 lakh people over the next decade, significantly contributing to employment generation across the state.

During a recent meeting, key points regarding eligibility, financial assistance, and implementation were agreed upon. The following criteria have been established for applicants:

Eligibility: Residents of Uttar Pradesh aged between 21 and 40 years with a minimum educational qualification of eighth grade or its equivalent.
Training Preference: Applicants who have completed training under government-run schemes will be given priority.

Once online applications are received, they will be forwarded to the banks for processing and determination of financial assistance.

Financial assistance breakdown:

1. Phase One: Loans up to Rs 5 lakh will be offered with a requirement for personal contribution and a 100% interest subsidy for 4 years.
   
2. Phase Two: Loans ranging from Rs 10 lakh to Rs 20 lakh will be disbursed, accompanied by a 50% interest subsidy for 3 years and additional support for digital transactions.

The campaign will be structured with dedicated management units and committees at the district, state, and higher levels to ensure effective implementation. A coordination committee will also be formed to facilitate widespread publicity and coordination regarding the campaign.

The meeting saw participation from over 25 bankers, who were briefed on the essential details and actionable points of the Mukhyamantri Yuva Udyami Vikas Abhiyan. Commissioner and Director of Industries, Uttar Pradesh, K. Vijayendra Pandian led the discussions, supplemented by a presentation from CNDI. UPSIC MD Rajkamal Yadav also contributed by discussing eligibility criteria and other vital aspects, alongside MSME Department Secretary Pranjal Yadav and other officials present.