Chief minister of Uttar Pradesh — Yogi Adityanath has today announced to create a corpus of Rs 1,000 crore Startup Fund for the young generation that are hoping to pursue entrepreneurship in the state.
Even though Uttar Pradesh has the highest number of youth population in India, the state is lacking behind in such efforts compared to many other states in the country.
Yogi Adityanath further informed that a formal Memorandum of Understanding (MoU) would be signed with the Small Industries Development Bank of India (SIDBI) on September 15.
Last year, SIDBI had launched a Rs 10,000 crore ‘SIDBI Make in India Soft Loan Fund for MSMEs’ (SMILE) scheme to provide soft loan to MSMEs in form of quasi-equity to meet the required debt-equity ratio and term loan to cover project cost on relatively soft terms.
He was addressing a gathering of youth and entrepreneurs after inaugurating ‘Start-up Yatra’. In the coming weeks, similar events are lined up for 15 cities in the state and the Yatra targets reaching out to over 40,000 youth and 400 colleges.
He also urged to innovate in solid waste management segment to serve the dual purpose of disposing off the unwanted trash and simultaneously leverage some economic value off it.
Last year, previous government had introduced Startup Policy in the state, which was to be executed by the Uttar Pradesh Electronics Corporation Limited. It was said to remain effective for five years from the date of issuance of its notification.
The policy mentioned that along with information technology related infrastructure and human resource and skill development, a focus would also be laid on giving attractive incentives and assistance to industries.