Yogi Government Revitalizes UP’s MSME Sector, Disburses 6.5 Trillion Loans, Creating Vast Employment Opportunities for the Youth

The MSME sector, long neglected by preceding administrations, is undergoing a renaissance under Yogi Raj, fortifying Uttar Pradesh’s economy. Chief Minister Yogi Adityanath’s initiatives have not only revitalized the once-flagging MSME sector but also positioned Uttar Pradesh on a trajectory to become the country’s leading economic powerhouse.

Over the past six and a half years, the Yogi government has disbursed loans amounting to Rs 6,55,684 crore, fostering self-reliance among the state’s youth, women, entrepreneurs, and small-scale business owners. This concerted effort has notably benefited artisans, craftsmen, and small entrepreneurs, generating over 2.5 crore jobs in the MSME sector.

Since assuming office, Chief Minister Yogi Adityanath has prioritized the MSME sector, introducing several schemes to incentivize investment within the state. Programs like the ODOP Scheme, Mukhyamantri Gramodyog Rozgar Yojana, Mukhyamantri Yuva Self-Employment Scheme, and Vishwakarma Shram Samman Yojana have injected fresh vigor into MSMEs while concurrently addressing youth employment.

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The Yogi-led government’s strategies have yielded significant dividends. What were once disheartened traditional entrepreneurs, previously compelled to relocate due to disillusionment, are now not only providing jobs to other states’ youth but also showcasing their craftsmanship globally. Upon assuming power, the Yogi government initiated loan fairs and facilitated unit setups alongside loan disbursal, culminating in over 90 lakh operational MSME units within the state. Furthermore, more than Rs. 6.5 lakh crore in loans have been distributed in the last six and a half years, reviving a sector that was facing existential challenges.

The annual targets set by the Yogi government for loan disbursement have consistently been exceeded. In 2017-18, loans worth Rs 46,594 crore were distributed, surpassing the set target by 149 percent. Similarly, in subsequent years, the loans disbursed exceeded their respective targets, exemplifying the government’s commitment. Notably, in the current fiscal year, loans amounting to Rs 1,73,336 crore have been distributed, already reaching 172 percent of the annual target before the fiscal year’s completion.

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Chief Minister Yogi Adityanath’s vision and proactive measures have not only reinvigorated the MSME sector but have also propelled Uttar Pradesh towards economic preeminence, signifying a remarkable turnaround in the state’s economic landscape.