The government has launched One District One Product Scheme to promote MSMEs in India. MSME sector contributes considerably to the country’s economy. The central and state government has launched various MSME schemes previously to empower them. The government also offers business loans to aid SMEs financially. Additionally, they are also helping women entrepreneurs with their different schemes. One District One Product (ODOP) is one such scheme which is launched to support MSMEs.
Uttar Pradesh is India’s largest state in terms of population. Many small business owners are operating in UP. The ODOP scheme is initiated to provide exposure to these small business owners. Take a look further to know what precisely the scheme is and how it will help MSMEs in India.
What Is One District One Product Scheme?
There are some businesses in all districts in Uttar Pradesh, but they cannot get much prominence and value. To overcome this situation, the One District One Product scheme is launched in Uttar Pradesh. Uttar Pradesh offers a wide array of products that are found nowhere. Such as wheat-stalk craft, chikankari, glassware, etc. All such products are manufactured in villages which are not very popular. The scheme is initiated to help these local and specialized products and crafts. The scheme will promote the traditional industries with their respective districts. It will also help in creating jobs and boosting the local economy.
Objectives Of The Scheme
The following are the objectives of One District One Product scheme:
The scheme will help in preserving and developing local skills and craft. It will also help in its promotion.
To increase the income of the MSME owners and create more job opportunities.
The scheme aims at the improvement in the product quality and skill development.
To resolve the issue of economic difference and regional imbalance.
If the concept works well in Uttar Pradesh, the government aims to implement it at the national and international level.
Important Points Of ODOP
The businesses will be encouraged to use new technology, and the artisans will be provided with training to compete with other products in the market.
Employment will be encouraged with the help of the scheme. It is estimated that 5 lakh people will be employed in the next five years.
MSMEs will get financial support. They will get business loans at very low interest rates.
The government is working tirelessly to promote and encourage the MSME sector in India. The One District One Product scheme is one such example. If you too have a small business and you wish to increase it, but lack of funds stops you, then you can avail an MSME loan from ZipLoan. It is an RBI registered NBFC that offers business loans at minimal documentation and disburses the loan amount in just 3 days.