Mega MSME Loan Mela in UP as State Plans to Distribute Rs. 2,000 Crore Loans to MSMEs

As the Centre recently announced a credit guarantee of Rs. 3 lakh crore to reboot micro, small & medium enterprises (MSMEs), on Wednesday the Uttar Pradesh (UP) government said it would disburse loans amounting Rs. 1,600-2,000 crores to around 36,000 entrepreneurs of the MSME sector in UP through ‘loan mela’ from tomorrow, i.e., 14.05.2020.

UP has one of the largest MSME units of around 90 lakhs in the country. According to the government, over 3 crore people are engaged in the MSME sector in UP. The state is also expected to be one of the biggest beneficiaries of the said MSME package announced by the Centre.

Yogi Adityanath, Chief Minister of UP, said on Wednesday that “we had started schemes like ‘One district one product’ to boost this sector, but it got hit due to the coronavirus pandemic. While we thank the Hon’ble Prime Minister Narendra Modi for providing a boost to this sector, we plan to disburse about Rs. 1,600-2,000 crores loan to nearly 36,000 tomorrow.”

The state government has given instructions to officials to make a work plan for preparing land bank for setting up of industries in UP. Officials have also been told to treat migrant labourers with respect following the recent reports of incidents wherein some officials were misbehaving with the workers.

Awanish Kumar Awasthi, Additional Chief Secretary, said that the Chief Minister has instructed that a huge land bank can be prepared in UP as the state has a large amount of land in the form of government land which is lying vacant. He has also instructed that the said land should be identified whether it is with the irrigation, revenue, or industry department and made available for those interested in setting up of industries.