As we celebrate six years of the Stand Up India Scheme, let’s take a look at the features and effectiveness of this Scheme.
The objective of Stand-Up India is to promote entrepreneurship among women, the sections of Scheduled Castes (SC) & Scheduled Tribes (ST), to assist them in starting a green-based business in manufacturing, services or trade and agricultural related activities.
The purpose of Stand-Up India is to:
• Business development among women, SC & ST category;
• Providing loans to local businesses in the manufacturing, services or trade sectors and agricultural related activities;
• Facilitate bank lending between Rs.10 lakh and Rs.1 crore for at least one Organized / Nationally Organized Borrower and at least one female borrower at each of the Commercial Banking Bank branches.
As India grows faster, the hopes, aspirations and expectations of a large group of potential entrepreneurs, especially women and Scheduled Castes (SCs), Organized Nations (STs), are growing. They want to set up their own business to allow themselves to thrive and grow. Such entrepreneurs are spread across the country and are full of ideas about what they can do for themselves and their families.
The program aims to facilitate the dreams of aspiring SC, ST and women entrepreneurs come true by supporting their energy and enthusiasm and removing many obstacles in their path. Recognizing the challenges facing Aspiring SC, ST and women entrepreneurs, the Stand up India Scheme was launched on 5 April 2016 to develop entrepreneurship at the grassroots level with a focus on economic growth and job creation.
For 2019-20, the Stand Up India program was extended for the entire period in line with the 15th Finance Commission 2020-25 period.
At the event, the Minister of Finance and Business Affairs Smt. Nirmala Sitharaman said, “As we celebrate six years of the Stand-Up India Scheme, it is gratifying to see that more than 1.33 lakh new job creators and entrepreneurs have been facilitated under this Scheme .”
Union Minister Smt. Sitharaman added, “More than 1 lakh women facilitators have benefited from this program over the past six years. Government recognizes the opportunities that emerging entrepreneurs have in promoting economic growth through their role as not only wealth creators but also job creators. ”
“As more and more beneficiaries from the poorly cared for business community are targeted for coverage, we will take a major step towards building Atmanirbhar Bharat,” added the Minister of Finance.
READ ALSO:Asian stocks rise sharply, while the Euro stuck lowest against the Dollar
