Context:
The Chief Minister of Uttar Pradesh announced that over 3 lakh young entrepreneurs have applied for the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) so far under the Youth Entrepreneur Development Campaign, highlighting its success.
About MYUVA Scheme
- The initiative was launched in January 2025 and provides interest-free loans and the government covers the interest if the loan is repaid on time.
- The scheme aims to train one lakh young entrepreneurs annually with loans of up to Rs 5 lakh, supported by a Rs 1,000 crore allocation in the 2024-25 budget.
- The scheme empowers educated, skilled youth by creating self-employment opportunities and promoting new MSMEs, aiming to generate employment in both rural and urban areas.
- The scheme offers interest-free loans up to Rs 5 lakh for industry and service projects, aiming to support 1 million units over 10 years by financing 100,000 units annually.
- Beneficiaries trained in government schemes like Vishwakarma Shram Samman Yojana, One District One Product, and Skill Upgradation (Kaushal Unnayan) run by the Uttar Pradesh Skill Development Mission are eligible for assistance.
- Youth with certificates, diplomas, or degrees from educational institutions are also eligible for benefits under the scheme.
- After repaying the first loan, units can receive a second loan up to Rs 7.5 lakh. Grants are also available to promote digital transactions.
About Uttar Pradesh Skill Development Mission
- The Uttar Pradesh government launched the Skill Development Policy in July 2013, with the Uttar Pradesh Skill Development Mission established on December 21, 2013.
- The mission integrates five central schemes and one state scheme to provide free, short-term employable training to youth who lack education beyond class 5 or are unemployed due to skill gaps, through both private and government training institutes.
- It offers free, short-term, employment-oriented training to youth aged 14-35 who lack education beyond class 5 or are unemployed due to skill gaps.
- The program, in collaboration with government and private training providers, aims to equip at least 60 students per group with vocational skills to enable wage or self-employment, contributing to economic development.