Yogi Adityanath sets up Rs 1,000 cr corpus for ‘startup’ schemes in UP

In a bid to create 70 lakh jobs in the next five years, Uttar Pradesh CM Yogi Adityanath has laid the stepping stones for budding startups by earmarking a fund of Rs 1,000 crore for promoting micro, small and medium enterprises (MSMEs) within the state.

Addressing an event in Lucknow (Uttar Pradesh), CM Yogi Adityanath on Wednesday made a strong pitch for startups and flagged off a ‘Startup Bus Yatra’ from the scientific convention center in the state capital.

"We have created a corpus of Rs 1,000 crore to encourage startup schemes...we will sign an MoU with SIDBI by September 15 for this purpose," the chief minister said, reported Moneycontrol.

Known for his powerful statements, Adityanath said there are immense possibilities for startup projects in the state and in order to realise the concept of "ek Bharat-shreshth Bharat", schemes like Startup India and Stand Up India are very important.

According to the report, Rs 25 lakh will be given to universities and leading educational institutions to encourage students to take up self-employment through startup projects. The government has also started a website for startup projects and a call center has been put in place to address any issues concerning the initiative

Earlier, in April 2017, Adityanath had directed officials to prepare an elaborate work plan to establish the largest business incubator in the country near Lucknow airport.

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As per a report published in freepressjournal.in, the Noida Authority has reserved 10 plots for the start-ups and 33 per cent for the expansion of existing industries. Under the scheme, the authority has introduced a special payment option for the successful allottees of industrial plots. This scheme will be continued till September 22 this year and will also promote the Ease of Doing Business by young entrepreneurs.

The Uttar Pradesh government has linked agriculture with employment and identified certain districts for their unique products, under which it has decided to promote carpet industry in Bhadohi, lock industry in Aligarh, brass industry in Moradabad and saree industry in Varanasi to boost employment.