UP offers easy loans, transparent rules to MSMEs; aims at 90 lakh new jobs in existing units

TIL Desk/Business/Lucknow/ Hoping to revive its coronavirus-hit economy, the Uttar Pradesh government said Sunday it will generate 90 lakh new jobs in existing MSME units and encourage entrepreneurs to set up more small industries by offering loans on easy terms.

Ninety lakh people could get employment if one job is added to the workforce of each of the existing 90 lakh micro, small and medium enterprises (MSMEs) in the state, according to Chief Minister Yogi Adityanath.

Apart from this suggestion, Adityanath on Sunday asked officials to prepare a “detailed action plan” to motivate entrepreneurs to set up new MSME units. Loan fairs will be organised in every district from May 12 to May 20, a government statement said, promising credit on “generous terms”.

It also said rules will be relaxed and “made transparent” for new MSME unit owners. An official said banks have also been told to give loans to existing units so that they can expand their workforce.