Criteria for Mukhyamantri Yuva Udyami Vikas Abhiyan finalised

Lucknow: A meeting of 25 key major banks, along with top officials from the state MSME department, took place on Wednesday to deliberate on the eligibility criteria for the Mukhyamantri Yuva Udyami Vikas Abhiyan—the dream project of UP CM Yogi Adityanath.
The scheme aims to provide financial assistance to one lakh individuals annually via bank loans, facilitating the establishment of one lakh micro-enterprises each year in Uttar Pradesh. This initiative is expected to directly benefit 10 lakh people over the next decade, significantly contributing to employment generation across the state.
Convened in the presence of Principal Secretary MSME Alok Kumar, the meeting established criteria for applicants. "As per the finalised criteria, residents of Uttar Pradesh aged between 21 and 40 years with a minimum educational qualification of eighth grade or its equivalent will be eligible to apply. Participants stated that applicants who have completed training under govt-run schemes will be given priority," an official spokesperson said.
The attendees also agreed that once online applications are received, they will be forwarded to the banks for processing and determination of financial assistance.
Besides, they arrived at a two-staged process to extend the financial benefit. In the first phase, loans up to Rs 5 lakh will be offered with a requirement for personal contribution and a 100% interest subsidy for four years. However, in the second phase, loans ranging from Rs 10 lakh to Rs 20 lakh will be disbursed, accompanied by a 50% interest subsidy for three years and additional support for digital transactions.
In addition to this, the participants agreed on the need for a structured campaign with dedicated management units and committees at the district, state, and higher levels to ensure effective implementation. A coordination committee will also be formed to facilitate widespread publicity and coordination regarding the campaign.