Industrial Gain for Uttar Pradesh

• 25 Jul 2024

Why in News?

The Union Budget 2024 has been positively received by entrepreneurs, industrialists, and businessmen in Uttar Pradesh, who praised the finance minister's decisions as bold and promising.

• These are confident that Uttar Pradesh will benefit significantly, positioning itself as a manufacturing hub with a skilled workforce, increased support and spending across various sectors.

Key Points

• According to the sources, the allocation of Rs 10 lakh crore for urban housing projects aims to address the shortage of affordable housing in key cities of UP.
  • The PM 2.0 Awas scheme will benefit low and middle income families, while promoting rental housing through private partnerships will help alleviate urban slums.
• Prioritizing initiatives targeted at women is a praiseworthy step towards promoting gender equality and empowerment.
• The nine key focus areas covering agriculture, innovation, reforms, and other domains provide a clear blueprint for sustainable progress.
• Raising the MUDRA loan limit from Rs 10 lakh to Rs 20 lakh would provide substantial support to many small business owners in Uttar Pradesh.
  • The credit guarantee scheme for manufacturing sector participants would motivate them to invest in new technologies and equipment.
  • Streamlining Goods and Services Tax (GST) and income tax compliance processes would be beneficial for start-ups and young business owners.
• The allocation of Rs 1.52 lakh crore to the agriculture sector and the announcement of a new cluster scheme to boost vegetable production would expand the production of pulses and oilseeds through certification and branding in the Nation.

Pradhan Mantri Awas Yojana

• It was launched on 25^th June 2015, with the intent to provide housing for all in urban areas by year 2022.
• It was implemented by the Ministry of Housing and Urban Affairs.
• Features:
  • Addresses Urban housing shortage among the Urban Poor including the Slum Dwellers by ensuring a pucca house to eligible urban poor.
  • The Mission covers the entire urban area consisting of Statutory Towns, Notified Planning Areas, Development Authorities, Special Area Development Authorities, Industrial Development Authorities or any such authority under State legislation which is entrusted with the functions of urban planning & regulations.
  • All houses under PMAY(U) have basic amenities like toilets, water supply, electricity and kitchen.
  • The Mission promotes women empowerment by providing the ownership of houses in the name of female members or in joint name.
  • Preference is also given to differently abled persons, senior citizens, SCs, STs, OBCs, Minority, single women, transgender and other weaker & vulnerable sections of the society.

Pradhan Mantri Mudra Yojana (PMMY)

• It was launched by the government in 2015 for providing loans up to Rs. 10 lakh to the non-corporate, non-farm small/micro-enterprises.
• Funding Provision:
  • MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by the Government.
  • It provides funding to the non-corporate small business sector through various last-mile financial institutions like Banks, Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
  • MUDRA does not lend directly to micro-entrepreneurs/individuals.