New Delhi: In order to further increase the employment opportunities for the youth in the state, the Prime Minister of Uttar Pradesh, Yogi Adityanath, has set a target for banks. Around 20 lakh MSMEs will benefit from this amount in the next financial year.
CM Yogi Adityanath also took a major initiative during the Corona period to create employment for young people in the private sector. As of December, loans totaling Rs.1977 billion (100.35) had been granted to MSMEs, with the allocated goal of 61.759 billion this fiscal year under special coordination from the state government. For the first time in the state MSMEs have the highest loan ever granted by the Yogi -Government that has helped provide employment opportunities for millions of youth in the state. Apart from that, CM Yogi has also proposed Rs 100 crore for the self-employment program in the budget for the next fiscal year.
Economist Arvind Jaiswal said that under the government of Yogi Adityanath, MSMEs not only get convenient loans from banks, but it also strengthens the economy of the state and the country. This also directly and indirectly increases employment opportunities in the private sector.
MSME Secretary General Navneet Sehgal said MSME is proving to be a growth engine for private sector job creation for youth. In the past four years, 49 lakh MSMEs have invested in the state. He announced that CM Yogi has set a goal of making a loan of Rs 80 crore to MSMEs in the next fiscal year. 20 lakh MSMEs will benefit from this and provide employment opportunities for one million young people.
CM Yogi Adityanath has proposed Rs 250 crores for “One District, One Product” (ODOP) in the budget for the next financial year. At ODOP last year, on May 14, June 26, August 7 and December 3, more than 10 lakh beneficiaries were granted loans amounting to around 30 thousand crores through four online fairs. The ODOP Virtual Fair took place in the course of the corona pandemic last year from October 19 to 23. 35 countries and around 1000 buyers from the country took part.
Loans of Rs 46,594 billion in fiscal 2017-18, Rs 57,808 billion in 2018-19, 71,080 billion that’s 100.35 percent of target for this fiscal year. As of December, the Yogi government granted loans totaling Rs.237.459 billion.
Compared to the above, the previous Samajwadi Party government under the leadership of CM Akhilesh Yadav had spent Rs 13,248 billion on MSMEs in fiscal 2012/13, Rs 19,249 million in fiscal 2013/14, and Rs 22,439 billion in 2014/15. Rupees, 22,996 billion rupees in 2015-16, Rs 28,136 crore in 2016-17, which take the total loan at Rs one lakh six thousand 68 crore.