Uttar Pradesh

• 15 Jun 2024

Credit Flow to Startups and Rural Enterprises

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.