UP Government Unveils Schemes for MSME Growth and Higher Education Promotion

The Uttar Pradesh government has announced the 'Mukhyamantri Yuva Udyami Vikas Abhiyan' to support self-employment by subsidizing loans for microenterprises. Additionally, the cabinet approved proposals to enhance higher education, promote private university establishments, and support farmers through the UP Agris scheme.

The Uttar Pradesh government took a significant step on Tuesday by unveiling the 'Mukhyamantri Yuva Udyami Vikas Abhiyan,' a scheme aimed at providing self-employment opportunities to young people. The initiative, approved during a cabinet meeting led by Chief Minister Yogi Adityanath, promises loan subsidies for projects up to Rs 5 lakh in the microenterprise and service sectors.

The scheme highlights the essential role of the Micro, Small, and Medium Enterprises (MSME) sector in the state's economy. MSME Minister Rakesh Sachan announced an ambitious plan to establish 10 lakh micro units over the next decade, aiming to provide financial assistance to one lakh educated and trained youths annually.

In addition to the employment drive, the state cabinet approved proposals to advance higher education through the 'Uttar Pradesh Higher Education Promotion Policy, 2024.' This policy focuses on providing exemptions and subsidies to sponsoring bodies and offers incentives for universities that rank in the top 50. Two new private universities will be established in Mathura and Meerut, further bolstering educational opportunities and employment prospects in the state.

(With inputs from agencies.)