Uttar Pradesh will get Rs 2.43 lakh crore from the Central government in the current financial year under the heads of state share in Central taxes and interest-free loans. The amount is about Rs 7,482 crore more than the interim budget.
The announcements made in the Union Budget on Tuesday said that the Micro, Small, and Medium (MSME) sectors have come as a gift for the state. This budget will create 72 lakh new entrepreneurs in UP. In the budget, a special focus has been laid on youth, students, farmers and small-medium entrepreneurs. Aroubd15 crore people of the state will continue to get the benefit of the free ration scheme for the next five years.
According to budgetary proposals, Uttar Pradesh’s share in Central taxes in the interim budget on February 1 was Rs 218816.84 crore, which has increased to Rs 2,23,737.23 crore in the general budget. Under the assistance scheme of the states, interest-free loan is given by the Center for 50 years. UP had received about Rs 17,938 crore in the last financial year, which will be Rs 20,500 crore in the current financial year.
This budget will give life to 20 lakh units and will provide jobs to at least one crore workers.
State MSME, Silk, and Khadi Minister Rakesh Sachan said out of the 12 industrial parks announced in the budget, at least two industrial parks will be brought in UP. The loan guarantee scheme for MSMEs introduced in the budget will provide the most relief to the entrepreneurs of UP.
According to the MSME Department, about 22 lakh new entrepreneurs will be created only through this scheme.
UP has the highest number of MSME units in the country, more than 96 lakh.
UP will also get the maximum benefit from increasing the limit of Mudra Yojana from Rs 10 lakh to Rs 20 lakh. Currently 76.79 lakh Mudra loans have been given in UP. By doubling the loan limit, 24 lakh new entrepreneurs will be created in the state, who want to expand their business or the cost of their enterprise is more than Rs 10 lakh.
The Union Budget has raised hope for 50 lakh students and youth of UP. They will be able to take education loan at lower interest rates. At present, due to the family income being more than the prescribed limit, these students are not able to take advantage of the scholarship and fee reimbursement scheme of the state government.
There is a possibility of getting around Rs 40,000 crore for highways in UP in the current financial year. The budget also showed a focus on rural roads. About 2000 new rural roads can be built in the state. National Highway Authority officials believe that the vision of the year 2047 is reflected in the budget given for roads.
About two lakh youth of the state will benefit from the announcement of internship (training) of one crore youth in 500 top companies in the Union Budget. The youth getting training under the CM Apprenticeship Scheme in the state will now get a one-time assistance of Rs 6000 after the completion of the training along with the monthly allowance received during the internship.