MYUVA Scheme

• 04 Mar 2024

Why in News?

Uttar Pradesh Chief Minister is going to launch the "Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)" scheme.

• It is aimed at nurturing entrepreneurship among the state's youth.

Key Points

• Under this scheme, the state 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.
• It is designed to empower educated and skilled youth across the state, facilitating self-employment opportunities and fostering the establishment of new MSMEs (Ministry of Micro, Small and Medium Enterprises).
• Beneficiaries who have undergone training in various government-run schemes, such as the Vishwakarma Shram Samman Yojana, One District One Product Training and Toolkit Scheme, Scheduled Caste, Tribe, Other Backward Class Training Scheme, and Skill Upgradation (Kaushal Unnayan) run by the Uttar Pradesh Skill Development Mission, will be eligible for assistance.
  • Additionally, youth with certificates, diplomas, and degrees from educational institutions will also be entitled to benefits under this scheme.
• Upon successful repayment of the first loan, units will be eligible for second-stage financing, where a composite loan of double the initial amount or up to Rs 7.50 lakh can be provided.

Vishwakarma Shram Samman Yojana

• The scheme is designed to uplift traditional artisans and craftspeople engaged in various occupations like blacksmithing, goldsmithing, pottery, carpentry, and sculpting, with a focus on preserving cultural heritage and integrating them into the formal economy and global value chains.
• It will be implemented as a Central Sector Scheme, fully funded by the Government of India.
• The Ministry of Micro, Small and Medium Enterprises (MoMSME) is the Nodal Ministry for the Scheme.
• Objectives:
  • To ensure that artisans are seamlessly integrated into both domestic and global value chains, thus enhancing their market access and opportunities.
  • Preservation and promotion of India's rich cultural heritage of traditional crafts.
  • Assisting artisans in transitioning to the formal economy and integrating them into global value chains.

Uttar Pradesh Skill Development Mission

• The UP Skill Development Mission was established as a society registered under the Societies Registration Act, 1860, under the Department of Vocational Education and Skill Development, Government of UP on 13^th September, 2013.