Over 6,000 youth enterprises approved under MYSY in UP

| | Lucknow
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Over 6,000 youth enterprises approved under MYSY in UP

Monday, 10 June 2024 | PNS | Lucknow

Chief Minister Yogi Adityanath’s flagship schemes, Mukhyamantri Yuva Swarojgar Yojana (MYSY) and Mukhyamantri Gramodyog Rojgar Yojana (MMGRY), aimed at fostering self-employment opportunities for the youth of the state, have shown remarkable success.

According to the quarterly report of the State Level Bankers Committee, recently presented to Chief Secretary Durga Shanker Mishra, over 6,000 small and large enterprises run by youth in the state have been approved under the MYSY. Additionally, out of the 723 units approved under the MMGRY, 605 have already received funding.

According to Sameer Ranjan Panda, convener of the Uttar Pradesh State Level Bankers Committee and general manager of Bank of Baroda, the scheme aims to encourage the youth of the state to become entrepreneurs and create job opportunities for others. Under this scheme, the state government is providing financial assistance to the youth so that they can become self-reliant and successfully run their businesses.

The report states that under the Mukhyamantri Yuva Swarojgar Yojana, the goal was to provide funds to 7,500 units. So far, 6,259 units have been approved by the government, and 5,648 units have received funds. Initially, the total margin money was set at Rs 14,550 lakh, but so far, more than Rs 16,360 lakh have been approved, and Rs 14,821 lakh have been distributed to the youth.

As for the Mukhyamantri Gramodyog Rojgar Yojana, the goal was to benefit 800 units. Over 90 per cent of these (723 units) have been approved, and 605 units, i.e. 76 per cent of the target, have been funded.

The Uttar Pradesh Mukhyamantri Yuva Swarojgar Yojana is a flagship scheme started by the state government to encourage the youth to pursue self-employment. Launched in September 2018, the scheme aims to help unemployed young people realise their entrepreneurial dreams by providing financial assistance and other support. Under this scheme, the state government offers loans of up to Rs 25 lakh for setting up industries and up to Rs 10 lakh for the service sector to eligible applicants. The nodal agency for this scheme is the District Industries Centre (DIC) in Kanpur.

To be eligible for the Mukhyamantri Yuva Swarojgar Yojana, the beneficiary must be a resident of Uttar Pradesh and aged between 18 and 40 years. The minimum educational qualification required is high school pass, and the applicant should not be a defaulter with any nationalised bank. The annual income from all sources should not exceed Rs 2 lakh for Other Backward Classes, minority, and general categories, and should not exceed Rs 2.5 lakh for Scheduled Caste, Scheduled Tribe categories.

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