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UP launches ‘Startup Fund’ signs MoU with SIDBI to promoted young entrepreneurs 

UP launches start-up fund, signs MoU with SIDBIOn 20th May 2020, The Government of Uttar Pradesh launched the ‘Uttar Pradesh Startup Fund’ to promote entrepreneurship among the youths of the state and Chief Minister Yogi Adityanath termed the MoU between the state and Small Industries Development Bank of India(SIDBI).

Key Points:

i.At a function held in Lucknow Chief Minister of Uttar Pradesh, Yogi Adityanath handed over the first installment of Rs.15 crore to Small Industries Development Bank of India(SIDBI).

ii.The MoU between the state and SIDBI will strengthen the possibilities of job creation in the state

iii.This startup policy focuses on motivating the youths of the state to launch their own startups. The new package for Micro, Small & Medium Enterprises (MSMEs) announced by the Government of India, which has taken the states first step through organising the online loan fair and the process of giving loans to entrepreneurs was completed.

iv.This startup policy is to connect the youth of the state with agriculture, health, education and other sectors.

v.The emphasis on startups will be a solution in providing jobs on basis of the skills to the large number of migrant workers returning the state benefiting the large section of deprived and poor. This will also benefit the entire nations through state.

About SIDBI:
Chairman & Managing Director(MD)- Mohammad Mustafa
Deputy Managing Director- Manoj Mittal
Founded- 2nd April 1990
Headquarters- Lucknow





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