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Budget 2024: Rs 2.44 Lakh Crore Allocation to Create 72 Lakh New Entrepreneurs in Uttar Pradesh

The Central government is to provide Uttar Pradesh with Rs 2.43 lakh crore during the current fiscal year, under the categories of interest-free loans and the state’s share of central taxes. Compared to the interim budget, the sum is approximately Rs 7,482 crore greater. Per the pronouncements in the Union Budget on Tuesday, the state has been bestowed with a gift from the Micro, Small, and Medium Enterprises (MSME) sector. 72 lakh new entrepreneurs would be brought to Uttar Pradesh by this budget. Within the budget, youngsters, students, farmers, and small- to medium-sized business owners have received particular attention. For an additional five years, around 15 crore individuals in the state will be eligible to get free rations.

The budgetary projections state that Uttar Pradesh’s portion of Central taxes, which was Rs 218816.84 crore in the interim budget on February 1st, has grown to Rs 2,23,737.23 crore in the general budget. The Center provides a 50-year loan that is interest-free under the state assistance program. In the previous fiscal year, UP received roughly Rs 17,938 crore; in the current fiscal year, that amount will increase to Rs 20,500 crore. At least one crore workers will have jobs thanks to this budget, which will bring 20 lakh units to life.

At least two of the 12 industrial parks listed in the budget will be brought into Uttar Pradesh, according to State MSME, Silk, and Khadi Minister Rakesh Sachan. The most significant assistance for UP entrepreneurs would come from the loan guarantee program for MSMEs included in the budget. About 22 lakh new entrepreneurs will be generated only under this plan, according to the MSME Department. With over 96 lakh MSME units, Uttar Pradesh leads the nation in this regard.

The maximum benefit from raising the Mudra Yojana ceiling from Rs 10 lakh to Rs 20 lakh would also go to UP. In Uttar Pradesh, 76.79 lakh Mudra loans have been granted thus far. A total of 24 lakh new entrepreneurs who wish to grow their businesses or whose venture costs more than Rs 10 lakh will be brought into the state by raising the loan limit.

The Union Budget has given 50 lakh students and young people in Uttar Pradesh optimism. Lower interest rates will be available to them for student loans. Currently, these pupils are unable to benefit from the state government’s scholarship and tuition reimbursement program since their family income exceeds the authorized level. In the current fiscal year, the prospect exists of receiving approximately Rs 40,000 crore for highways in Uttar Pradesh. Rural roads were also given priority in the budget. In the state, about 2000 additional rural roads could be constructed. Officials from the National Highway Authority feel that the funding allocated for roads reflects their aim for the year 2047.

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The Union Budget’s announcement of one crore youth internships (training) at 500 elite enterprises will assist almost two lakh young people in the state. In addition to the monthly stipend they received during their internship, young people in the state undergoing training under the CM Apprenticeship Scheme will now get a one-time grant of Rs 6000 upon completion of their training.