Stand-Up India Scheme: The initiative known as Stand-Up India was introduced with the aim of encouraging entrepreneurship among women, as well as individuals belonging to the Scheduled Castes (SC) and Scheduled Tribes (ST) categories. Stand-Up India Scheme is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- various government schemes for promoting entrepreneurship in the country).
Recently, Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman informed about performance of the Stand up India Scheme. Due to its significant impact, Stand-Up India Scheme has been extended till 2025 by the Union government.
The Stand-Up India scheme has been successful in providing financial support and assistance to the targeted communities, which has resulted in the creation of new job opportunities, businesses, and industries.
Details of SC/ST and Woman beneficiaries of Stand Up India scheme, as on 21.03.2023, are below:
Stand-Up India Scheme Performance | |||||||
SC | ST | Women | Total | ||||
No Of A/Cs | Sanc. Amt. (Rs. Crore) | No Of A/Cs | Sanc. Amt. (Rs. Crore) | No Of A/Cs | Sanc. Amt. (Rs. Crore) | No Of A/Cs | Sanc. Amt. (Rs. Crore) |
26,889 | 5,625.50 | 8,960 | 1,932.50 | 1,44,787 | 33,152.43 | 1,80,636 | 40,710.43 |
Stand-Up India initiative is a government scheme to encourage entrepreneurship among women, Scheduled Castes (SC), and Scheduled Tribes (ST)
The most important purposes of the Stand up India scheme are listed below-
The Stand-Up India scheme is designed to address the challenges faced by SC, ST and women entrepreneurs in setting up enterprises, obtaining loans and other support needed from time to time for succeeding in business.
The Stand-up India Scheme is aligned with the third pillar of the National Mission for Financial Inclusion, which is “Funding the unfunded.” The scheme aims to provide seamless credit flow from branches of Scheduled Commercial Banks to women and entrepreneurs from SC/ST backgrounds.
Startup 20 Engagement Group of G20
The Stand-Up India Scheme is a government initiative launched in India in 2016 to promote entrepreneurship among women, Scheduled Castes (SC), and Scheduled Tribes (ST) by providing financial support and assistance for establishing new businesses in various sectors such as manufacturing, services, trading, and agriculture-related activities.
The scheme is targeted at women and entrepreneurs from SC/ST backgrounds who wish to start a greenfield enterprise in the manufacturing, services, trading, or agriculture-related sectors. The beneficiaries can avail of loans ranging from Rs.10 lakh to Rs.1 crore.
The Stand-Up India Scheme provides financial support and assistance to the targeted communities, which has resulted in the creation of new job opportunities, businesses, and industries. The scheme has played a significant role in improving the living standards of entrepreneurs, their employees, and their families.
The interested individuals can approach their nearest bank branch to apply for the Stand-Up India Scheme. The beneficiaries will have to provide necessary documentation and project reports to avail of the loan.
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