UP makes history with Rs 50,000 crore loan disbursement to MSME entrepreneurs

Lucknow (Uttar Pradesh) [India], September 16 : Chief Minister Yogi Adityanath on Saturday distributed loans worth Rs 50,000 crore to Micro, Small, and Medium Enterprises (MSME) entrepreneurs in an event organized on the eve of Vishwakarma Jayanti.
This unprecedented initiative has positioned Uttar Pradesh as the first state in the country to extend loans on such a massive scale in one go, read an official statement.
Addressing an event at Lok Bhavan to distribute tool kits and loans to MSME entrepreneurs organized under the 'Vishwakarma Shram Samman' scheme, CM Yogi said that the aim of the double engine government is to make the youth, women, businessmen and entrepreneurs of the state self-reliant.
He said that the new Uttar Pradesh of New India is being effectively implemented on the ground as per the vision of Prime Minister Narendra Modi.
He underscored the successful implementation of the 'One District One Product' scheme, initiated in 2018, aimed at providing a platform for the state's talented youth while establishing Uttar Pradesh as a prime investment destination.
Yogi said, “In 2018, our government had started One District One Product Scheme for the traditional enterprises of Uttar Pradesh, which was an innovative initiative. The objective behind the scheme was not only to provide a platform for the talented youth of the state but also to establish Uttar Pradesh as an excellent destination for investment, in which it was successful.”
The Chief Minister emphasised that Prime Minister Modi has considered the One District One Product Scheme of Uttar Pradesh as the foundation to realise the goals of Local for Global and Self-reliant India goals.
“Today, within no time, the One District One Product Scheme of UP has become the scheme of the entire country”, he remarked.
CM Yogi highlighted the pivotal role played by the MSME sector in bestowing a distinct identity upon the state. He emphasized its significant contribution to employment generation and export augmentation in Uttar Pradesh.
Yogi said, “Uttar Pradesh is fortunate from this point of view as it has a huge base of MSME, which has given a new identity to the state. This scheme has played a big role in employment generation and increasing exports in UP.”
The Chief Minister asserted that despite the Covid pandemic, the credit and debit ratio of Uttar Pradesh increased by 10 to 11 per cent to 55-56 per cent in the last 5 to 6 years.
“We will increase it to 60 to 62 per cent. We have to work further with this goal. For this, employment fairs will have to be organized on a large scale, training will have to be imparted and people will have to be connected with digital payments”, CM Yogi said.
He said that the double-engine government would extend full cooperation in enhancing the skills of handicraftsmen who are blessed by Lord Vishwakarma.
Notably, the Yogi government of the state is continuously working to make the youth, women, businessmen and small entrepreneurs of the state self-reliant. Over the past six years, loans worth Rs 66,000 crore have been provided, of which Rs 16,000 crore was distributed to 1.90 lakh handicraftsmen, artisans and small entrepreneurs earlier and Rs 50,000 crore was disbursed on Saturday.
The event witnessed CM Yogi symbolically presenting tool kits to select beneficiaries of the Vishwakarma Shram Samman Yojana and ODOP Scheme. The Minister of Micro, Small and Medium Enterprises, Rakesh Sachan, along with other dignitaries, graced the occasion.
The Minister of Micro, Small and Medium Enterprises Rakesh Sachan, Chief Secretary Durga Shankar Mishra, Commissioner of Infrastructure and Industrial Development Manoj Kumar Singh, Regional Director Reserve Bank of India Dr Balu and Additional Chief Secretary MSME Amit Mohan Prasad and other dignitaries were present in the program.