Uttar Pradesh
Credit Flow to Startups and Rural Enterprises
- 15 Jun 2024
- 2 min read
Why in News?
The Uttar Pradesh government has eased institutional credit flow to startups and rural enterprises to provide financial assistance and generate self-employment opportunities for the youth.
- Separately, the state tourism department has also signed two agreements for improving rural tourism and creating employment.
Key Points
- The state plans to fund about 8,300 enterprises under two credit schemes: Mukhyamantri Yuva Swarojgar Yojana (MYSY) and Mukhyamantri Gramodyog Rojgar Yojana (MMGRY).
- According to a State Level Bankers' Committee (SLBC) report, 6,259 and 723 units have been approved under MYSY and MMGRY, respectively.
- Startups and rural enterprises have got institutional funding worth more than Rs 163 crore.
- Under MYSY, the state offers loans of up to Rs 25 lakh to set up industries and up to Rs 10 lakh for the service sector entities.
- UP is home to nearly 52 government-recognised incubators and more than 7,200 startups registered with the Department for Promotion of Industry and Internal Trade.
- The signed agreements will foster sustainable tourism and community empowerment and augment facilities and infrastructure, offering tourists an authentic experience of rustic village life.
- The memoranda of understanding have been signed with the State Rural Livelihood Mission (UPSRLM) and Manyawar Kanshiram Institute of Tourism Management.
