Patna: The department of industries, government of Bihar, on Thursday distributed financial assistance under the Mukhyamantri Udyami Yojana (MUY) and the Bihar Laghu Udyami Yojana (BLUY) to the entrepreneurs, whose investment proposals were approved by the state government.
The financial assistance was doled out as part of the state’s commitment to foster entrepreneurship, encourage self-employment, and enhance the economic stability of Bihar’s educated unemployed youth.
In today’s program, the first installment of ₹2 lakh each was distributed to the beneficiaries of the MUY for the financial year 2024-25. A total of ₹55.38 crore was disbursed as the first installment to 2,769 trained beneficiaries, with each receiving ₹2 lakh. Additionally, under the BLUY, beneficiaries from the financial year 2023-24 who had uploaded their utility certificates on the Udyami portal received the second installment of ₹1 lakh per beneficiary.
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Congratulating the beneficiaries during the programme, industries department minister Nitish Mishra said, “Small entrepreneurs are the torchbearers of a developed Bihar, and we are ready to provide them with all possible support. The success of these schemes and entrepreneurs is truly encouraging for us. The environment for self-employment in Bihar is strengthening day by day. A significant number of women are also stepping forward, leveraging these schemes to realize their dreams of establishing businesses. These initiatives will play a pivotal role in building a developed Bihar.”
Scheduled caste and scheduled tribe welfare minister Janak Ram said, “These schemes and the youth of Bihar have the potential to transform the state’s future. The government is fully committed to realizing the dreams of its youth and making Bihar a leading industrial hub of India. The Department of Industries is working with complete dedication to achieve the government’s vision in this direction.”
Minister of backward class and most backward class welfare Hari Sahni said, “Under these schemes, sufficient funds are being provided, making it easier to establish small industries. I am pleased to see that the youth are benefiting from this and are turning their dreams, as well as the dreams of our state, into reality. The government is fully committed to assisting them in every possible way.”
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Minority welfare minister Jama Khan and Digha MLA Sanjeev Chaurasia also praised the investors for trusting Bihar as their investment destination.
Industries department secretary Bandana Preyashi said, “We are dedicated to promoting self-reliance. Since their inception, these schemes have positively impacted society and entrepreneurs, fostering the spirit of starting new ventures. We are not only providing financial incentives but also arranging training for the beneficiaries, which will have a far-reaching impact on the state’s economy. We are particularly encouraging women to ensure their capabilities are fully utilized.”
Outstanding investors rewarded
During the event, cheques of ₹2 lakh were presented to 10 beneficiaries under the MUY, while 10 beneficiaries under the BLUY received cheques of ₹1 lakh. Additionally, five successful entrepreneurs were honoured for their remarkable achievements. These individuals started their ventures with an investment of ₹10 lakh and have now scaled their businesses to turnovers nearing ₹1 crore. Sukesh Kumar from Arwal began a flour business with ₹10 lakh, and his current turnover stands at ₹1 crore.
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Armaan Ali from East Champaran started a carpentry business with ₹10 lakh, achieving a turnover of ₹1 crore. Rishu Raj from Patna launched a spice production business with ₹10 lakh and has reached a turnover of ₹85 lakh. Sangeeta Kumari from Vaishali started a fly ash bricks manufacturing business with ₹10 lakh and has grown to a turnover of ₹70 lakh. Mona Kumari from Patna ventured into the hotel and restaurant business with ₹10 lakh, achieving a turnover of ₹40 lakh.
Mukhyamantri Udyami Yojana
Introduced in 2018, Mukhyamantri Udyami Yojana or MUY provides financial assistance of up to ₹10 lakh per beneficiary based on their project requirements. The assistance comprises 50% as a grant and the remaining 50% as a loan. By FY 2023-24, a total of 34,455 beneficiaries were selected under the scheme, and ₹2,800 crore was disbursed to support their projects.
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Bihar Laghu Udyami Yojana
Bihar Laghu Udyami Yojana of BLUY was launched in FY 2023-24 and is aimed at the economic upliftment of families identified as economically disadvantaged in the caste-based economic census conducted in Bihar. Under this scheme, beneficiaries are provided with financial assistance of up to Rs. 2 lakh as a grant for self-employment opportunities.
