The Yogi government has launched the ‘Mukhyamantri Yuva Udyami Vikas Abhiyan’ to boost self-employment among the youth of Uttar Pradesh. Approved during a cabinet meeting, this initiative aims to support young entrepreneurs by providing financial assistance and promoting the development of micro, small, and medium enterprises (MSMEs). The government intends to set up 10 lakh micro units over the next decade, creating jobs in both rural and urban areas, with the goal of empowering 1 lakh educated and trained youth each year.
Applicants for the scheme must have completed at least class eight, with preference given to those who have passed intermediate (class 12) and received training under government programs like Vishwakarma Shram Samman Yojana and One District One Product Scheme. Financial assistance will be provided for projects up to Rs 5 lakh in micro enterprises and service sectors, with beneficiaries contributing a percentage of the project cost based on their category. Special provisions are also made for regions like Bundelkhand, Purvanchal, and aspirational districts, reducing the beneficiary contribution to 10% in these areas.
Additionally, the scheme offers a 100% interest subsidy on loans for four years, with a six-month moratorium period. Youth benefiting from the scheme can receive further assistance for projects up to Rs 10 lakh in the second phase. To encourage digital transactions, an extra grant of Rs 1 per transaction is offered, with a maximum of Rs 2,000 per year, further incentivizing entrepreneurial growth in the state.
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