₹6 lakh crore disbursed as loans to boost MSME sector in U.P.

The Uttar Pradesh government has distributed loans worth ₹6,55,684 crore to boost the MSME sector, providing employment to 2.5 crore youths. Chief Minister Yogi Adityanath's initiatives have revived the sector, benefiting artisans, craftsmen, and small entrepreneurs.

The Uttar Pradesh government distributed loans totaling ₹6,55,684 crore in the last six and a half years to boost the micro, small, and medium enterprises (MSME) sector in the state, according to a government press release.

Labourers works in a utensil manufacturing factory at Micro, Small, and Medium Enterprises (MSME). (ANI File Photo)

The sector has provided employment to 2.5 crore youths during this period. The government has been providing loans to aspiring entrepreneurs every year, with the amount exceeding the target each time.

It is noteworthy that the MSME sector, which was dying of neglect during the previous governments, got a fresh lease of life when chief minister Yogi Adityanath took over in 2017. He launched various initiatives such as the one district one product (ODOP) scheme, Mukhyamantri Gramodyog Rojgar Yojana, Mukhyamantri Yuva Swarojgar Yojana, and Vishwakarma Shram Samman Yojana, among others.

The objective of the Yogi government behind these schemes is to make the state’s youth, women, and small businesses self-reliant and has so far benefited scores of artisans, craftsmen, and small entrepreneurs in the state.

The Mukhyamantri Gramodyog Rojgar Yojana, Mukhyamantri Yuva Swarojgar Yojana, Vishwakarma Shram Samman Yojana, and several other schemes are designed to benefit artisans, craftsmen, small businesses, and small entrepreneurs associated with the MSME sector.

Through these initiatives, CM Yogi not only injected new life into the MSME sector but also provided more employment opportunities to the youth. As a result, traditional entrepreneurs who were forced to migrate to other states during previous governments are coming back to set up their own ventures in UP and providing jobs to youths of other states. Additionally, they are gaining recognition globally for their hard work and craftsmanship.