Easy loans, transparency of rules and amendment of the MSME Act, 2006, are just some of the measures being taken by the Uttar Pradesh government, to help establish new micro, small and medium enterprises (MSME) in the state. The state government plans to generate 90 lakh jobs in the MSME space.
In an endeavour to recover the economy of Uttar Pradesh, the chief minister has suggested adding one job to each of the existing 90 lakh MSMEs in the state, so that at least 90 lakh people get employment. The MSME sector has played a significant role in the growth of the state’s per capita income. Through these measures, the per capita income is expected to grow further.
An action plan is being prepared with ways to encourage entrepreneurs to set up new MSME units. As part of the efforts to revive the economy, loan fairs will be held between May 12 and May 20, to offer easy loans. With more transparency in rules, the Uttar Pradesh government expects to see more entrepreneurs coming forward to set up small enterprises. Loans will also be offered to existing MSME units for expansion, which will result in more jobs.
The state Cabinet had earlier passed an ordinance according to which several labour laws will be put on hold till 2023, in an effort to help the industry to recover, and also offer jobs locally, with minimum capital.
Interested entrepreneurs can apply for loans online, and banks across the state have been instructed to facilitate the same.