Why in News?

• The Uttar Pradesh government distributed loans worth Rs 100 crore to 2500 beneficiaries of Gorakhpur and Basti divisions under Mukhyamantri Yuva Udyami Vikas Abhiyan.
• Besides this, toolkits were also provided to 2100 trainees under the ODOP (One District One Product) scheme.

Key Points:

About MYUVA Scheme:

=> Under this scheme, the state government aims to create one lakh young entrepreneurs every year by providing interest-free loans for projects up to Rs 5 lakh .

=> The government has allocated Rs 1,000 crore in the budget for the financial year 2024-25 to support this initiative .

=> It is designed to empower educated and skilled youth across the state, facilitate self-employment opportunities and promote the setting up of new MSMEs (Ministry of Micro, Small and Medium Enterprises) .

=> Beneficiaries who have received training under various government-run schemes such as Vishwakarma Shram Samman Yojana, One District One Product Training and Toolkit Scheme, SC, ST, OBC Training Scheme, and skill upgradation run by Uttar Pradesh Skill Development Mission will be eligible for assistance.

=> Additionally, youth having certificates, diplomas and degrees from educational institutions will also be entitled to benefits under the scheme.

=> On successful repayment of the first loan, the units will be eligible for the second stage of funding, where a composite loan up to double the initial amount or Rs 7.50 lakh can be provided.

One District One Product Programme(ODOP):

Introduction:

• ODOP is an initiative to promote economic development at the district level by promoting and branding one product from each district of the country .
• It was launched on 24 January 2018, on the first foundation day of Uttar Pradesh.

Objective:

• Preserve and develop local arts/skills and promote creativity.
• Increase in income and local employment (resulting in reduced migration for employment ).
• Improvement in product quality and skill development .
• Transforming products in artistic ways (through packaging, branding).
• Linking production with tourism (live demos and sales outlets – gifts and souvenirs).
• To resolve the issues of economic differences and regional imbalances