Lucknow. The Uttar Pradesh government, under the leadership of Chief Minister Yogi Adityanath, has made clear and concrete provisions in the supplementary budget to strengthen the MSME (Micro, Small and Medium Enterprises) sector. The government believes that MSME is the backbone of the state's economy and its strengthening will give impetus to both investment and employment.

Secure and investment-friendly environment for entrepreneurs

Ravindra Singh, President of Laghu Udyog Bharti, Uttar Pradesh, said that investment friendly policies and new budgetary provisions will give a big boost to MSMEs. This step is important towards making Uttar Pradesh a one trillion dollar economy. He said that the Yogi government has worked to provide a safe and reliable environment to the entrepreneurs.

Budget provision to strengthen MSME office machinery

To strengthen the administrative structure related to MSME, a provision of Rs 1.5 crore has been made for the establishment expenditure of the District Industries Center and Rs 1.5 crore has also been made for the establishment expenditure of the Directorate of Industries. With this, entrepreneurs in the districts will be able to get timely guidance, approval and benefits of schemes. Chief Minister Yogi Adityanath believes that ease of doing business will be visible on the ground only with a strong office system.

Huge budgetary support for investment and employment promotion

An additional amount of Rs 823.43 crore has been proposed under the Industrial Investment and Employment Promotion Policy 2022. A major part of this will be given to MSME units in the form of capital investment, subsidy, interest subsidy and incentives related to employment generation. Along with this, a provision of Rs 300 crore has been made for Industrial Investment and Employment Promotion Policy 2017 and Rs 100 crore for Infrastructure and Industrial Development Policy 2012, which will provide necessary basic facilities to small and medium industries.

New opportunities for MSMEs by joining global companies

To connect the MSME sector with big investment, a provision of Rs 371.69 crore has been made under the Investment Promotion Policy-2023 of FDI and Fortune-500 companies. This will provide new opportunities for supply chain, vendor development and export to MSME units.

Uttar Pradesh is becoming MSME hub

Uttar Pradesh is fast emerging as an MSME hub due to the solid budgetary support of the Yogi government. At present about 96 lakh MSME units are operating in the state and lakhs of new jobs are expected to be created in the coming time.