UP targets 90 lakh of new jobs in existing MSMEs; offers easy loans, transparent rules

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LUCK : Hoping to revive its coronavirus-hit economy, the government of Uttar Pradesh said on Sunday it would create 90 lakhs new jobs in existing MSME units and encourage entrepreneurs to create more small industries by offering loans on easy terms.

According to Chief Minister Yogi Adityanath, 90 lakh people could find employment if a job was added to the workforce of each of the 90 lakh micro, small and medium enterprises (MSMEs) in the state.

Besides this suggestion, Adityanath on Sunday asked officials to prepare a “detailed action plan” to motivate entrepreneurs to create new MSME units.

Loan fairs will be organized in each district from May 12 to 20, according to a government statement, promising loans on “generous terms.”

He also said the rules will be relaxed and “made transparent” to new owners of MSME units.

An official said banks have also been urged to provide loans to existing units so that they can increase their staff.

In recent days, the UP government has said it is working on plans to generate around 20 lakhs of jobs for migrants returning home from other states due to the national lockdown imposed after the coronavirus outbreak. .

Earlier, the state cabinet also approved an order suspending several labor laws for the next three years, in the hopes that it will help revive the industry.

Adityanath said the coronavirus crisis provided the state with an opportunity.

“We will accept this as a challenge and make the state the hub of the MSME sector,” he said in a press release.

He said the plan is to provide jobs “locally with minimum capital”.

“It is my commitment that this sector of Uttar Pradesh will reach its glory as before,” said Adityanath.

He said that Uttar Pradesh has a very rich history of MSMEs, and the one-product district plan is proof of that.

Adityanath said bankers will provide loans on easy terms to each entrepreneur setting up a new unit.

Announcing the loan fairs, which entrepreneurs can apply for online, he said bankers received instructions on the matter at a meeting of the state-level Bankers Committee.

“Officials should motivate more entrepreneurs to set up micro, small and medium industry units in the state. Prepare a detailed action plan as soon as possible for this,” he said.

“Despite the recession, this sector has contributed significantly to the growth of the state’s per capita income over the past three years. We will further increase per capita income through this, ”he said.

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