Context: Recently Government of India published data on the achievements of the Stand-up India scheme on the occasion of the completion of 7 years of Stand-up India on 5th April, the scheme was launched in the year of 2016 by the Ministry of Finance. The scheme has been extended to 2025.
Achievements of Stand-up India
- Government underlines the fact that as much as Rs. 40700cr was sanctioned to over 1.8 million accounts under the scheme during the last seven years since its inception.
- Of the funds sanctioned till March 21, 2023, about 80% of the loans have been given to women entrepreneurs.
The objective of the Stand-up India scheme
- To facilitate bank loans between Rs. 10 lacks and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. This enterprise may be in manufacturing, services or the trading sector.
- In the case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.
- Rupay debit card to be issued for the convenience of the borrower.
- The web portal by SIDBI provides handholding support through a network of agencies engaged in training, skill development, mentoring, project report preparation, application filling, work shed/utility support services, subsidy schemes etc.
Eligibility
- The applicant must be an entrepreneur.
- If the applicant is a male, he must be from SC / ST category.
- The age of the applicant must be at least 18 years.
- The applicant must not be in default to any bank/financial institution.
