With the aim to generate one crore employment opportunities, the government has decided to finance 20 lakh micro, small and medium enterprises (MSMEs) to the tune of Rs 80,000 crore and the move would provide employment to the youth.

"The target has been revised upward after the banks, working in coordination with the state government, disbursed loans amounting to Rs 61,977 crore till December 2020 against a target of Rs 61,759 crore, in this financial year," a senior official said here on Monday.

He said this was the first time in UP that MSMEs received the highest ever loans in the Yogi Adityanath government and provided employment opportunities to millions of youth.

"Apart from this, Chief Minister Yogi Adityanath has proposed Rs 100 crore for the self-employment scheme in the budget of the next financial year," he said.

Economic expert Arvind Jaiswal said the manner in which MSMEs were getting loans from banks, not only the economy of the state but that of the country was being strengthened. He said this had also led to direct and indirect employment opportunities in the private sector.

According to Additional Chief Secretary (MSME) Navneet Sehgal, the MSME sector was proving to be a growth engine for providing employment in the private sector. He said in the last four years, 49 lakh MSMEs had invested in the state.

In the One District, One Product (ODOP) scheme, more than 10 lakh beneficiaries were given loans amounting to Rs 30,000 crore through four online fairs. The ODOP Virtual Fair was held from October 19 to 23 last year during the coronavirus pandemic and it was attended by 35 countries and around 1,000 buyers from the country.