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MYUV Abhiyan : UP’s Initiative to Empower Young Entrepreneurs

March 3, 2024 | by indiatoday360.com

The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, is all set to launch an ambitious scheme, “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUV Abhiyan)”, to foster entrepreneurship among the youth of the state. The CM has instructed the officials of the Micro, Small, and Medium Enterprises (MSME) Department to quickly prepare a comprehensive action plan for the initiative and submit it to the government as soon as possible.

What is MYUV Abhiyan?

MYUV Abhiyan is an innovative scheme designed to empower educated and skilled youth across the state, facilitating self-employment opportunities and fostering the establishment of new MSMEs. By promoting entrepreneurship, the initiative seeks to generate employment opportunities in both rural and urban areas.

What are the benefits of MYUV Abhiyan?

Under this scheme, the Yogi government aims to prepare one lakh young entrepreneurs every year by providing interest-free loans for projects of up to Rs 5 lakh. The government has allocated Rs 1,000 crore in the budget for the financial year 2024-25 to support this initiative.

Youth who have certificates, diplomas or degrees from educational institutions will also be eligible for this scheme. The projects can be in the industry or service sector.

After successful repayment of the first loan, the units will be eligible for second phase funding. Then, the loan amount can be doubled or up to Rs 7.50 lakh. Moreover, there will be provision of grants to encourage digital transactions.

How to apply for MYUV Abhiyan?

The application process for this scheme will be conducted online. The MSME Department will set up a dedicated portal for this purpose. The applicants will have to submit their project proposals along with their educational and skill qualifications. The proposals will be evaluated by a committee of experts and approved based on feasibility and viability.

The MSME Department will also provide guidance and mentoring to the selected applicants through various agencies and institutions. The department will also monitor and evaluate the performance of the units on a regular basis.

Why it is important?

MYUV Abhiyan is an important step by the UP government to boost the economic growth and development of the state. By supporting the young entrepreneurs, the scheme will create a conducive environment for innovation and creativity. It will also help in reducing unemployment and poverty in the state.

The scheme will also contribute to the vision of Prime Minister Narendra Modi’s Atmanirbhar Bharat (Self-reliant India), which aims to make India a global leader in various sectors. By creating more MSMEs, the scheme will also enhance the industrial base and competitiveness of the state.

MYUV Abhiyan is a golden opportunity for the youth of UP to realize their dreams and aspirations. It is a scheme that will transform their lives and livelihoods.

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