Bhopal, Oct 13 (NationPress) In a significant effort to enhance entrepreneurship and create jobs, the Madhya Pradesh government has allocated more than Rs 200 crore in incentives to micro, small, and medium enterprises (MSMEs) as well as startups throughout the state.

The announcement took place during a state-level MSME conference in Bhopal on Monday, highlighting the government's dedication to fostering a self-sufficient economy driven by innovation from the youth.

Out of the total, Rs 197 crore was designated for 700 MSME units, while 63 startups received Rs 1 crore each in support.

Moreover, land allotment letters were provided to 237 entrepreneurs to assist in establishing their industrial ventures.

Under the Mukhyamantri Udyam Kranti Yojana, bank loans exceeding Rs 347 crore were sanctioned to 5,084 young entrepreneurs, enabling them to start and expand their businesses, as stated by Chief Minister Mohan Yadav during his address to the gathering.

He encouraged entrepreneurs to focus on local procurement while creating new products. The state's Startup Policy 2025 continues to provide Rs 10,000 per month for one year to approved startups, with over 6,000 currently operating in Madhya Pradesh, of which 47 percent are women-led.

The state is home to 102 incubation centres that assist in transforming ideas into successful businesses. Madhya Pradesh also achieved a “Leader” status in the Startup India Rankings 2022, underscoring its reputation as an innovation hub, as further noted by the Chief Minister.

To support industrial expansion, over 800 plots have been allocated this year, with 19 new industrial zones in development and 10 more proposed.

The government has unveiled 18 new industry-related policies, offering a flat 50 percent incentive for investments up to Rs 83 crore.

For the fiscal year 2024-25, financial assistance totaling Rs 2,162 crore was extended to over 2,500 units, according to the chief minister. Local products like Maheshwari sarees, Sharbati wheat, Basmati rice, zari work, Jhabua dolls, and Dindori millets are being promoted as future global brands, aligning with the “Vocal for Local” initiative.

The government's initiatives aim to transform the youth from job seekers into job creators, making MSMEs not only economic powerhouses but also symbols of dignity, hope, and self-sufficiency.

With streamlined digital processes and collateral-free loans up to Rs 50 lakh, Madhya Pradesh is positioning itself as a model for inclusive industrial development, as stated by the Chief Minister.