Uttar Pradesh, the most populous state in India, is on a mission to transform its economy by nurturing entrepreneurship among its youth. The state government has recently launched an ambitious scheme called “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUV Abhiyan)”, which aims to provide interest-free loans and support to young entrepreneurs who want to start their own ventures in the industry and service sectors.
What is MYUV Abhiyan?
MYUV Abhiyan is an initiative of the Yogi Adityanath-led government to empower educated and skilled youth across the state, especially in rural and semi-urban areas, by facilitating self-employment opportunities and fostering the establishment of new micro, small and medium enterprises (MSMEs). The scheme reflects the government’s commitment to fostering economic growth and development in Uttar Pradesh, which accounts for about 8% of India’s GDP.
Under this scheme, the government plans to prepare one lakh young entrepreneurs every year by providing interest-free loans of up to Rs 5 lakh for projects that have a potential to generate employment and income. The government has allocated Rs 1,000 crore in the budget for the financial year 2024-25 to support this initiative. The goal is to directly benefit one million units (10 lakh units) over the next 10 years by financing 1,00,000 units annually.
How does MYUV Abhiyan work?
The scheme is implemented by the MSME Department of Uttar Pradesh, which is responsible for devising a comprehensive action plan and monitoring its progress. The department has also set up a dedicated portal for online registration and application of the scheme. The applicants have to submit their project proposals along with their educational qualifications, skills, experience and other relevant details. The proposals are then screened and evaluated by a committee of experts from various fields such as industry, finance, academia and government.
The selected applicants are then provided with interest-free loans of up to Rs 5 lakh through banks or financial institutions. The loan repayment period is 10 years, with a moratorium of one year. The government also provides a subsidy of 25% of the project cost, subject to a maximum of Rs 1.25 lakh. The beneficiaries are also given training, mentoring and guidance on various aspects of entrepreneurship such as business planning, marketing, accounting, legal compliance and quality standards.
What are the benefits of MYUV Abhiyan?
MYUV Abhiyan is expected to have multiple benefits for the state as well as the nation. Some of the benefits are:
- It will create a pool of young entrepreneurs who can contribute to the economic growth and development of Uttar Pradesh and India.
- It will generate employment opportunities for millions of people in both rural and urban areas.
- It will promote innovation and creativity among the youth and encourage them to solve local problems with local solutions.
- It will enhance the competitiveness and productivity of the MSME sector, which is vital for the industrialization and diversification of the state’s economy.
- It will reduce poverty and inequality by creating more avenues for income generation and wealth creation.
- It will foster a culture of entrepreneurship and self-reliance among the youth and inspire them to become job creators rather than job seekers.
How to apply for MYUV Abhiyan?
The interested candidates can apply for MYUV Abhiyan through the official portal https://myuva.up.gov.in/. The portal provides all the necessary information and guidelines regarding the scheme. The applicants have to register themselves on the portal and fill up an online application form with their personal details, project details and bank details. They also have to upload scanned copies of their documents such as Aadhaar card, PAN card, educational certificates, skill certificates, project report etc. The applicants can track the status of their application on the portal and receive notifications via SMS or email.
MYUV Abhiyan is a visionary scheme that aims to unleash the potential of Uttar Pradesh’s youth and transform them into successful entrepreneurs. By providing interest-free loans and support, the scheme hopes to create a conducive environment for entrepreneurship in the state and make it a hub of innovation and enterprise.
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