UP Govt to Give MSME Loans to 3.5 Lakh MSMEs in Next Three Months

The Uttar Pradesh government has said it is going to provide capital to 3.5 lakh micro, small and medium enterprises (MSMEs) based on their requirements through three online mega loan fairs in June, July and August.

Earlier in May, the government had provided more than Rs 2,000 crore to 57,000 units.  The state is now on the path to become a major hub for industries related to textiles, food processing and ODOP (one district one product).

The target is to provide loans to one lakh units in June and 1.25 lakh units in July-August. An agreement to this effect has been reportedly reached in the meeting of the state level bankers committee.

The central government recently announced a package of Rs 3 lakh crore for the MSME sector.

The Uttar Pradesh is making efforts to give the benefits of these schemes to jine lakh MSMEs in the state manufacturing diversifying products.

UP chief minister Yogi Adityanath has also instructed the concerned departments to chalk out a plan for this.

Recently, Union Minister for Skill Development Dr Mahendra Nath Pandey and his deputy Kapil Dev Agrawal announced in a webinar organized by the PHD Chambar of Commerce and Industries that their department will provide training to 7.5 lakh people as per the demand of industrial units. Such training programmes will also be conducted in technical institutes and industrial units.

MSME Principal Secretary Navneet Sehgal said, "This is a field of unlimited possibilities. Employing maximum people at minimum risk and capital with less infrastructure are the main characteristics of the MSME sector. This sector has also proved its capacity. These units contribute the most to the state's imports."