PM Modi has recognized the importance of this initiative in empowering women and SC/ST communities as Stand Up India celebrates 7 years today.
PM Modi tweeted, “Today we mark 7 Years of StandUp India and acknowledge the role this initiative has played in empowering the SC/ ST communities and ensuring women empowerment. It has also boosted the spirit of enterprise our people are blessed with.” Stand Up India Scheme was launched on April 5, 2016, to promote entrepreneurship at the grass-roots level focusing on economic empowerment and job creation. The scheme is up to the year 2025.
It makes it possible for Scheduled Commercial Banks to provide loans of Rs 10 lakh to Rs 100 lakh to at least one borrower from a Scheduled Caste or Scheduled Tribe and at least one borrower from a woman per bank branch. Loans under the scheme are only available for green field projects, or first-time venture of the beneficiary
On the seventh anniversary of the flagship central initiative, Union Finance Minister Nirmala Sitharaman said ”loans worth about Rs 40,600 crore covering 1.8 lakh entrepreneurs have been sanctioned so far under the Stand Up India Scheme. Of the total beneficiaries, 80 per cent are women.”
“It is a matter of pride and satisfaction for me to note that more than 1.8 lakh women and SC and ST entrepreneurs have been sanctioned loans for more than Rs 40,600 crore,” Sitharaman said on the seventh anniversary of the scheme.
The finance minister further said that the scheme has provided wings to aspiring entrepreneurs to showcase their entrepreneurial skills.
“The scheme has created an eco-system which facilitates and continues to provide a supportive environment for setting up green field enterprises through access to loans from bank branches of all Scheduled Commercial Banks. Stand-Up India Scheme has proved to be an important milestone in promoting entrepreneurship among SC, ST and women,” Sitharaman said
