Uttar Pradesh Government’s flagship schemes – Mukhyamantri Yuva Swarojgar Yojana (MYSY) and Mukhyamantri Gramodyog Rojgar Yojana (MMGRY), aimed at fostering self-employment opportunities for the youth of the state, have shown remarkable success.

According to the quarterly report of the State Level Bankers Committee, recently presented to Chief Secretary Durga Shankar Mishra, over 6,000 small and large enterprises run by youth in the state have been approved under MYSY. Additionally, out of the 723 units approved under MMGRY, 605 have already received funding.

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According to Sameer Ranjan Panda, the Convener of the Uttar Pradesh State Level Bankers Committee and General Manager, Bank of Baroda, these schemes aim to encourage the youth of the state to become entrepreneurs and create job opportunities for others.

The report states that under the Mukhyamantri Yuva Swarojgar Yojana, the goal was to provide funds to 7500 units. So far, 6259 units have been approved by the government, and 5648 units have received funds. Initially, the total margin money was set at Rs 14550 lakh, but so far, more than Rs 16360 lakh have been approved, and Rs 14821 lakh have been distributed to the youth.

As for the Mukhyamantri Gramodyog Rojgar Yojana, the goal was to benefit 800 units. Over 90 percent of these (723 units) have been approved, and 605 units, i.e. 76 percent of the target, have been funded.

The Uttar Pradesh Mukhyamantri Yuva Swarojgar Yojana is a flagship scheme started by the state government to encourage the youth to pursue self-employment.

Launched in September 2018, the scheme aims to help unemployed young people realize their entrepreneurial dreams by providing financial assistance and other support.

Under this scheme, the state government offers loans of up to Rs 25 lakh for setting up industries and up to Rs 10 lakh for the service sector to eligible applicants. The nodal agency for this scheme is the District Industries Centre (DIC) in Kanpur.

To be eligible for the Mukhyamantri Yuva Swarojgar Yojana, the beneficiary must be a resident of Uttar Pradesh, aged between 18 and 40 years. The minimum educational qualification required is passing high school, and the applicant should not be a defaulter with any nationalized bank.

The annual income from all sources should not exceed Rs 2 lakh for OBC, minority, and general categories, and should not exceed Rs 2.5 lakh for SC-ST categories.