Stand-Up India Scheme completes 6 years; Loans worth over Rs 30,160 crore sanctioned to more than one lakh 33 thousand beneficiaries
The sixth anniversary of the Stand Up India scheme is being celebrated today. Over 30 thousand 160 crore rupees have been sanctioned under Stand Up India Scheme to more than 1 lakh 33 thousand 995 accounts since inception of the Scheme. Stand Up India scheme was launched by Prime Minister Narendra Modi on 5th April 2016. It facilitates loans to Scheduled Caste, Scheduled Tribe, and women borrowers for setting up a greenfield enterprise in manufacturing, services, or trading sector.
AIR correspondence reports that Stand Up India Scheme was launched to promote entrepreneurship at grass-roots level focusing on economic empowerment and job creation. The objective of the Stand Up India Scheme is to facilitate loans between 10 lakh and one crore rupees to at least one Scheduled Caste or Scheduled Tribe borrower and one woman borrower per bank branch. In 2019-20, the Stand Up India scheme was extended till 2025. As India is growing rapidly, hopes, aspirations, and expectations of a large group of potential entrepreneurs, particularly women and Scheduled Castes, and Scheduled Tribes are rising. The scheme envisages facilitating the dreams of aspiring SC, ST, and women entrepreneurs to reality by supporting their energy and enthusiasm and removing many hurdles from their path.