Credit and Finance for MSMEs: CM Yogi Adityanath has revealed Uttar Pradesh state government’s ambitious ‘Make in UP’ programme, following in the footsteps of PM Narendra Modi’s ‘Make in India’ scheme.
Credit and Finance for MSMEs: Chief Minister Yogi Adityanath has revealed Uttar Pradesh state government’s ambitious ‘Make in UP’ programme, following in the footsteps of Prime Minister Narendra Modi’s ‘Make in India’ scheme, with an eye on strengthening the MSME business network in the state. The special mega economic reset package worth Rs 20 lakh crore, announced by PM Modi, and later detailed out by Finance Minister Nirmala Sitharaman, would go a long way in realising this dream, he said. Yogi Adityanath added that the state has the largest number of MSMEs, employing 3 crore people. Uttar Pradesh has also become the first state to disburse a large amount of loan within 24 hours of the centre’s announcement.
UP CM Yogi Adityanath disbursed loans worth Rs 2,002 crore to 56,754 entrepreneurs in the MSME sectors on Thursday, IANS reported. With the move, he assured that nearly two lakh people will get employment. Uttar Pradesh has nearly 90 lakh active MSMEs, employing 3.5 crore people. Also, UP’s MSMEs hold 14 per cent share of the overall MSMEs in the country and 10 per cent share of the overall exports from the country. In the last fiscal, the MSMEs of UP sent exports worth Rs 1.10 lakh crore.
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The UP’s state government has already been working extensively on the centre’s initiative of ‘Make in India’ and ‘Invest in India’. Recently, the state government got in touch with nearly 100 giant US companies which were looking to shift base from China and offered them perks and lucrative infrastructure.
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Meanwhile, Yogi Adityanath’s effort towards ‘Make in UP’ is not new. Even in 2017, when he was elected as the Chief Minister of the state, he began his work towards attracting manufacturing units towards UP. The Industrial Investment and Employment Promotion Policy of Uttar Pradesh, 2017 said that as a strategy to usher in industrial growth in Uttar Pradesh and capitalise on positive global sentiment generated by the progress of the Make in India campaign, the state will embrace this landmark initiative and strive to implement it in letter and spirit by launching a comprehensive programme of Make in UP.