Self-Employed Youths, Entrepreneurs In This State Can Get Upto Rs 50 Lakh Loan With Less Interest

By Shreya Bose Last updated Apr 7, 2022

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has launched the ‘Udyam Kranti Yojana’.

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With this scheme, he aims to facilitate self-employment for the youth and encourage them to start their own business.

With the scheme, the youth can make use of the provision of loans ranging from Rs 1 lakh to 50 lakh.

Commissioner Industries and MSME, P Narahari said that the scheme has been made self-employment friendly as per the wishes of the Chief Minister.

A USP of the scheme is the 3% interest subsidy that the state govt will give along with bank guarantee.

The state government will give a loan guarantee of Rs 1 lakh – Rs 50 lakh for self-employment with subsidies on the interest rates.

It has set aside Rs 140 crores for this scheme,

The government is also working on providing public employment to as many youths as possible.

It hopes to benefit one lakh youth in the current financial year.

Aside from that, it is also working towards attracting investment.

MP alone has done exports worth Rs 40,000 crore.

It will also nurture a startup culture in the state by bringing a startup policy.

Madhya Pradesh Home Minister Narottam Mishra said that the government has already provided loans and subsidies to 16 lakh people for self-employment.

He added that the state cabinet will establish the country’s biggest medical devices park in Ujjain on 360 acres.

Assembly elections in the state will commence next year.