UP Govt Launches Scheme To Boost Self-Employment, Approves Establishment Of Two Private Universities

The UP government has approved the 'Mukhyamantri Yuva Udyami Vikas Abhiyan' to provide subsidies on loans for microenterprises, aiming to boost self-employment and support youth entrepreneurship.

Lucknow: The Uttar Pradesh government has approved the implementation of a new scheme aimed at boosting self-employment by offering subsidies on loans for projects in the microenterprise and service sectors, with a maximum loan limit of Rs 5 lakh. The 'Mukhyamantri Yuva Udyami Vikas Abhiyan' was given the green light during a cabinet meeting presided over by Chief Minister Yogi Adityanath.

This initiative, designed to leverage the critical role of Micro, Small, and Medium Enterprises (MSME) in the state's economy, is part of a broader effort to provide self-employment opportunities for young people. A total of 25 proposals were approved during the meeting.

According to MSME Minister Rakesh Sachan, the scheme aims to establish 10 lakh micro units over the next decade, providing financial assistance to 1 lakh educated and trained youths each year. The scheme will prioritize applicants who have passed intermediate exams, although those with a minimum qualification of Class 8 will also be eligible. Applicants must have completed training under various government schemes such as Vishwakarma Shram Samman Yojana, One District One Product Scheme, and Scheduled Caste/Tribe Training Schemes.

In addition to loans of up to Rs 5 lakh for microenterprises, those benefiting from the scheme will also be eligible for a second phase with loans up to Rs 10 lakh. The scheme promotes digital transactions by offering an additional grant of Rs 1 per transaction, with a cap of Rs 2,000 per year.

In another significant decision, the cabinet approved the 'UP Agris' scheme to boost farmers' income, especially in regions like Bundelkhand and northeast UP, where productivity lags. The scheme will target districts such as Jhansi, Chitrakoot, Gorakhpur, Varanasi, Vindhya, Azamgarh, Basti, and the Devipatan division.

The cabinet also sanctioned the 'Uttar Pradesh Higher Education Promotion Policy, 2024' to enhance the state's education quality. Under this policy, private institutions will be offered stamp duty exemptions, capital subsidies, and other benefits. Special incentives will be given to universities that rank in the top 50 nationally.

Higher Education Minister Yogendra Upadhyay noted that this policy is aimed at encouraging private investment to meet the increasing demand for higher education within the state, creating both direct and indirect employment opportunities. Additionally, two new private universities will be established—KD University in Mathura by the Rajiv Memorial Academic Welfare Society and Vidya University in Meerut, to be set up by Vidya Bal Mandali on a 42.755-acre site.

Education Loan Information: