UP to offer Rs 5 lakh insurance coverage cowl to 90L micro entrepreneurs | Lucknow Information

LUCKNOW: Chief Minister Yogi Adityanath on Monday launched the Micro Entrepreneur Accident Insurance coverage Scheme beneath which monetary help of Rs 5 lakh might be given to small entrepreneurs within the case of dying or accident.
This scheme, launched on World Entrepreneurship Day, will cowl round 90 lakh entrepreneurs within the state for which they should register with the federal government.
The CM additionally handed over cheques for Rs 11.37 crore as the primary instalment to builders overseeing non-public industrial park initiatives in Jhansi, Hapur and Sambhal beneath the Pledge Park initiative. Yogi stated the chance for entrepreneurs to register with the federal government could be open for one 12 months.
The state has round 96 lakh MSME entrepreneurs, of which 97% are working as micro-enterprises with a enterprise capital beneath Rs 5 crore and an annual turnover of under Rs 40 lakh.
These registered for GST and with a turnover exceeding Rs 40 lakh are already eligible for an accident insurance coverage cowl of Rs 10 lakh by the federal government, offering safety in opposition to accidents or 100% incapacity. For the primary time, the federal government is providing Rs 5 lakh accident insurance coverage cowl to 90 lakh MSME entrepreneurs,” stated a authorities spokesperson.
Throughout the occasion, the CM spoke about initiatives just like the Geographic Info System (GIS) and One District One Product (ODOP) geared toward selling MSMEs. He stated a strategic determination to faucet into UP’s strengths, notably its MSME clusters, performed a key position in reinvigorating the state’s economic system, a reality highlighted by two current experiences by SBI and RBI. “Earlier than 2017, these clusters had been on the verge of decline.
However targeted efforts during the last six years have borne fruit with a threefold enhance in exports. This achievement, even amid the challenges posed by Covid-19 pandemic, additional solidifies the state’s trajectory in the direction of probably changing into a USD 1 trillion economic system inside the subsequent 5 years,” the CM stated. Outlining the importance of business parks within the state, Yogi stated these had been being spearheaded by the MSME division.
“Of the assorted incentives, the federal government was providing loans of 1% each year for growth of parks at Rs 50 lakh per acre. Within the upcoming parks, 75% plots are reserved for MSMEs. Entrepreneurs buying land in non-public parks will get a 50% exception in stamp obligation. The Pledge Park Scheme, the primary of its form within the nation, will provide vital benefits to entrepreneurs,” he stated.
The chief minister stated prior to now six years, UP had emerged from the challenges that it had been going through to have north India’s first knowledge centre, an upcoming Movie Metropolis, building of Asia’s largest airport in Jewar and completion of the Purvanchal and Bundelkhand Expressways. Investments within the defence hall and building of Ganga Expressway to attach Delhi with Bundelkhand and hyperlink the west with the east had been promising recent alternatives.
The CM requested MSME entrepreneurs to register with the federal government in providing jobs to migrant staff, who had returned to the state in the course of the pandemic. “The federal government had already ensured employment of 40 lakh people of their dwelling districts and villages,” he claimed. Yogi added that: “In 2018, the UP authorities had launched the ODOP initiative, adopted by the Vishwakarma Shram Samman Yojana in 2019.
Each have gained vital recognition inside the nation. These will assist increase native crafts just like the intricate wood crafts of Saharanpur, brass work of Moradabad, glass trade of Firozabad and the Chikankari work of Lucknow.”