CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Chief Minister Yogi Adityanath of Uttar Pradesh has launched "Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)," a program to support young entrepreneurs. This initiative provides interest-free financing to help young people launch their entrepreneurial enterprises with projects worth up to Rs 5 lakh.
The key Points Of The "Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)" Scheme Are As Follows
Interest-Free Loans- The plan provides interest-free loans to young entrepreneurs for projects worth up to Rs 5 lakh.
Annual Goal- The government intends to prepare one lakh young entrepreneurs each year through this initiative.
Financial Allocation- To assist the scheme's implementation, a large budget of Rs 1,000 crore has been set aside for fiscal year 2024-25.
Empowerment of Educated and Skilled Youth- MYUVA empowers educated and competent youth across the state by providing them with options for self-employment.
Eligibility Criteria- Beneficiaries include those who have received training through various government-sponsored projects as well as those with educational qualifications.
payback and Expansion- Successful payback of the initial loan qualifies participants for second-stage financing, allowing them to grow their businesses even further.
Digital Transactions and awards- The scheme encourages digital transactions in corporate operations and offers awards to encourage the use of digital payment systems.
Online Application Process- Applying for assistance is made easier with an online platform, ensuring accessibility for aspiring entrepreneurs.
Collaboration with Financial Institutions- Financial support is offered in collaboration with banks and other financial institutions, allowing for greater access to funding opportunities.
Empowering Youth Entrepreneurs In Uttar Pradesh
MYUVA is committed to encouraging young people in Uttar Pradesh to become entrepreneurs by providing them with the necessary tools and resources to start and grow their enterprises. MYUVA, with large finance and thorough preparation, intends to provide vital help to young entrepreneurs while also boosting the state's economy.
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