Uttar Pradesh Adityanath govt plans Rs 1,000 cr start-up funds in self-employment opportunities among youths.
Uttar Pradesh plans to invest Rs 1000cr in startups to encourage the youths to incubate new business ideas and promote self-employment. The state government will soon come up with its new startup policy to give impetus to eco-friendly ventures in the areas of agriculture, energy, transport, education, and tourism.
While addressing a startup conclave UP deputy chief minister Dinesh Sharma said in Lucknow that the state was taking ‘concrete steps’ to create a conducive ecosystem for start-ups to flourish. “The country’s biggest start-up incubator is being established in Lucknow to encourage startup revolution in UP,”
Referring to Prime Minister Narendra Modi’s clarion call at Mathura recently regarding developing an alternative for single-use plastic, Sharma exhorted start-ups to take up the challenge and come out with solutions, while promising the government’s support.
On the occasion, he also disbursed prizes worth Rs 7.65 lakh to new ventures. Various start-up pitch-in competitions were organized to promote the culture of such enterprises in UP.
To promote start-ups in the micro, small and medium enterprises (MSMEs) space the state government had recently decided to set up a Rs 200 crore venture capital fund, especially about indigenous and traditional industries in the state.
The government is going to sign a memorandum of understanding (MoU) with Small Industries Development Bank of India (Sidbi) for the proposed fund, which would give priority to MSMEs operating under the aegis of UP’s flagship One District, One Product (ODOP) scheme.
While 25% or Rs 50cr would be provided by the UP government and 75% or Rs 150cr will be provided by SIDBI for creating a venture capital fund to handhold and finance start-ups and enterprises.
Other than this SIDBI will also work as the venture capital fund manager and will manage the credit flow to MSME’s meanwhile, the state government had previously linked up with commercial banks for providing loans totaling Rs 5,000 crore to MSMEs under ODOP scheme. These loans will be disbursed to entrepreneurs in the event of Gandhi Jayanti on 2nd October 2019.
Launched in January 2018, ODOP is directed at scaling up conventional industries connected with every one of the 75 districts within UP. For instance, the Yogi Adityanath government has linked up with e-commerce main Amazon to promote the state’s indigenous items, while the same partnerships now are recommended along with other top internet platforms, like Alibaba as well as Flipkart, according to UP MSME principal secretary Navneet Sehgal.
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