Why in news?

• Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan has launched the Udyam Kranti Yojana.
• According to officials, the MP Mukhyamantri Udyam Kranti plan was announced for the first time in November 2021, as per the MSME department’s gazette announcement, but it was never executed.
• Loans ranging from  1 lakh to Rs. 50 lakh would be offered to youth under this scheme for self-employment.
• The scheme’s unique feature is that the state government would provide a 3% interest subsidy as well as a bank guarantee.
• Young people will be able to apply for loans ranging from  1 lakh to Rs. 50 lakh under this plan. The proposal is unique in that the state government will provide a 3% interest subsidy in addition to a bank guarantee.
• The announcement of the launch of this scheme has been made at the inauguration ceremony of Nagrodaya Mission.
• The guarantee of the loan provided under this scheme will be provided by the government to the bank.