Press Release

Empowering Uttar Pradesh: MSME Initiatives for Economic Growth and Youth Entrepreneurship: Rakesh Sachan, MSMEs, UP

Empowering Uttar Pradesh: MSME Initiatives for Economic Growth and Youth Entrepreneurship: Rakesh Sachan, MSMEs, UP

28th March 2024, Lucknow: During the 10th ASSOCHAM MSME Excellence Awards, Chief Guest Shri Rakesh Sachan, the Hon'ble Cabinet Minister for Micro, Small, and Medium-Sized Enterprises, Government of Uttar Pradesh, stressed that the MSME sector employs most people in the state. The Mukhyamantri Yuva Udyami Vikas Abhiyan project, for which the UP government has allocated Rs 1,000 crore for 2024–25 which was introduced in the Budget with the aim of encouraging young people to start their own businesses in the MSME sector. 

The program attempts to link young people with education and training to become MSME owners. It is being introduced to create jobs by making it simple for new business owners to obtain interest-free loans up to Rs 5 lakh. 

He also discussed the MSME Loan Guarantee Scheme, which gives MSMEs a credit guarantee to make it easier for them to get loans. According to him, MSME's are important to the state's economy. There are numerous MSMEs operating in Uttar Pradesh are involved in a range of industries, including manufacturing, services, and handicrafts. The UP government has put in place a number of programs and efforts to help realize the goal of Viksit Bharat. He said, "If businesses experience any extremes, there is a 5 Lakh support in the Durghatna Beema Yojana." 

Shri Awanish Awasthi IAS Advisor to Hon’ble Chief Minister Government of Uttar Pradesh in his statement lauded MSME Awards winners and motivated participants to achieve PM's vision for Viksit Bharat. He stated that there are 96 Lakh MSMEs in UP state, a significant number contributing to state's economy. For MSMEs, government has initiated primary sector lending that enables more loans to entrepreneurs. MSME sector is not only for partners but innovations, exports, employment opportunities. New MSMEs are recognised in UP with 2nd largest economy in states of India. MSMEs play an important role in development and giving opportunities to young entrepreneurs for growth, he added.

In her welcome address, Mrs Sushma Paul Berlia Chairman ASSOCHAM National council on business facilitation and Global competitiveness focused on MSMEs which are significant contributors to employment generation in UP, especially in rural and semi-urban areas. They provide opportunities for self-employment as well as jobs for skilled and unskilled workers. They foster entrepreneurship, innovation, and industrial development, thereby boosting the overall economy of UP. MSMEs in UP are engaged in export-oriented activities, especially in sectors like textiles, handicrafts, and agro-processing. They contribute to foreign exchange earnings and enhance India's export competitiveness, she added.  

Other esteemed panelists who participated in the event were Shri Hasan Yaqoob Director Corporate affairs Inmobi group; Shri Alok Pathak Chief Risk Officer, Utkarsh Small Finance Bank. 

The broad objective of ASSOCHAM MSME Excellence Summit to acknowledging and rewards the outstanding MSME as per their performance in different parameters and, recognizes and rewards the enabling service providers to the MSME. The selection of winners was through the eminent Jury members from various industries, academia, Funding Agencies, Credit Rating Agencies, Consulting Firms, financial institutions etc. The Winners were awarded in the presence of Shri Rakesh Sachan, the Hon'ble Cabinet Minister for Micro, Small, and Medium-Sized Enterprises, Government of Uttar Pradesh.