U.P. CM Yogi launches micro entrepreneur accident insurance scheme

By, Lucknow
Aug 21, 2023 11:49 PM IST

Uttar Pradesh has become a prime investment destination, drawing domestic tourism and securing funds for industrial growth, according to reports. The chief minister launched the Micro Entrepreneur Accident Insurance Scheme, providing financial support of up to ₹5 lakh to micro entrepreneurs. The state has undergone a transformation in recent years, gaining recognition as a top-tier destination. The state government's inclusive approach and focus on MSME clusters have contributed to its progress. The government has also introduced the Pledge Park Scheme to offer advantages to entrepreneurs.

Uttar Pradesh has become a prime investment destination within the country, drawing substantial domestic tourism and securing significant funds from banks for industrial growth, according to the latest RBI and NITI Aayog reports.

U.P. chief minister Yogi Adityanath during the launch of micro entrepreneur accident insurance scheme in Lucknow. (Deepak Gupta/HT)
U.P. chief minister Yogi Adityanath during the launch of micro entrepreneur accident insurance scheme in Lucknow. (Deepak Gupta/HT)

Chief minister Yogi Adityanath highlighted this while launching the Micro Entrepreneur Accident Insurance Scheme on the occasion of the World Entrepreneurship Day here on Monday. Under the scheme, financial support of up to 5 lakh will be provided to the micro entrepreneurs, according to a state government press release.

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“Uttar Pradesh, which previously was shrouded in negative perceptions, is undergoing a significant transformation in a marked departure from its reputation just six years ago,” he said.

The CM disbursed cheque of 1137 lakh, the first instalment, to developers overseeing private industrial park projects in Jhansi, Hapur and Sambhal under the Pledge Park initiative. He extended his greetings for World Entrepreneurship Day and Naga Panchami as well.

Yogi credited PM Narendra Modi’s inspiration and direction along with the state government’s inclusive approach that assured security to all investors without discrimination. He said this has resulted in Uttar Pradesh swiftly gaining recognition as a top-tier destination on both the national and global fronts.

The CM said the foundation for this progress was laid in 2018 when PM Modi inaugurated the state’s inaugural Geographic Information System (GIS). Yogi said the state government’s move to launch the One District One Product (ODOP) scheme, on U.P.’s foundation day, was another important step.

He said this scheme was aimed to rejuvenate neglected sectors that were grappling with issues such as pollution, power shortages and neglect from various departments. Yogi said the strategic decision to tap into Uttar Pradesh’s strengths, particularly its MSME clusters, played a key role in reinvigorating the economy.

He referred to recent RBI and NITI Aayog reports and said these reports, received within the last week, significantly demonstrated the ongoing transformation in Uttar Pradesh.

The CM urged skeptics to recognise that the state had become the country’s first to ensure security. He said Uttar Pradesh was swiftly emerging as a major investment hub, excelling in banking services for entrepreneurs and drawing the highest number of tourists. He pointed out that the state’s systematic efforts across sectors were now yielding visible outcomes.

Yogi outlined the significant accomplishments in development of private industrial parks and said this move opened the door for government incentives to be extended to three new parks. He said for plots spanning 10 to 50 acres, the state government was offering 100 percent exemption from stamp duty on purchase of industrial plots. He said a loan provision at a nominal one percent per annum rate was in place for park development at 50 lakh per acre.

Yogi said the state government’s pioneering Pledge Park Scheme was the first-of-its-kind in the country, poised to offer significant advantages to entrepreneurs. The CM said the state government had introduced a year-long opportunity for entrepreneurs to register both online and offline. Uttar Pradesh houses 96 lakh MSME entrepreneurs, with 97 percent operating as micro-enterprises with venture capital under 5 crore and an annual turnover below 40 lakh.

Those registered for GST and with a turnover exceeding 40 lakh are eligible for accident insurance cover of 10 lakh by the government, providing security against accidents or 100% disability related to GST. The chief minister presented a 2.49 crore cheque to Siddharth Anandani and Ashok Anandani from Jhansi on the occasion.

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