Stand-Up India Scheme: Government Sanctions More Than INR 40,700 Crore To Over 1.80 Lakh Accounts Stand up India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended up to 2025
By Teena Jose •
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The banks have sanctioned more than INR 40,700 crore to over 1.80 lakh beneficiaries under Stand-Up India Scheme in seven years in order to promote entrepreneurship at the grass root level, according to a PTI report.
"It is a matter of pride and satisfaction for me to note that more than 1.8 lakh women and SC/ST entrepreneurs have been sanctioned loans for more than INR 40,600 crore. The scheme has created an ecosystem 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," said Nirmala Sitharaman in a statement.
Stand up India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended up to 2025. The scheme aims to encourage all bank branches in extending loans to borrowers from SC, ST and women in setting up their own greenfield enterprises. Recognising the challenges that energetic, enthusiastic, and aspiring SC, ST and women entrepreneurs may face in converting their dream to reality, Stand-Up India was launched to promote entrepreneurship amongst these targeted segments to help them in starting a greenfield enterprise in manufacturing, services or the trading sector and activities allied to agriculture, as per the report.
Sitharaman further added that Stand-up India Scheme has touched numerous lives by ensuring access to hassle-free affordable credit to the unserved/underserved segment of entrepreneurs. According to her, the scheme has provided wings to aspiring entrepreneurs to showcase their entrepreneurial acumen and the potential entrepreneurs hold in driving economic growth and building a strong ecosystem by being job creators is immense.
In this context, the minister of state for finance Bhagwat Kisanrao Karad reportedly said that, "Stand-up India scheme is based on the third pillar of National Mission for Financial Inclusion namely 'Funding the unfunded'. The scheme has ensured availability of seamless credit flow from branches of Scheduled Commercial Banks to SC/ST and women entrepreneurs," and added that the Scheme has been instrumental in improving the standards of living for entrepreneurs, their employees and their families.
Apart from linking prospective borrowers to banks for loans, the online portal standupmitra.in developed by Small Industries Development Bank of India (SIDBI) for Stand Up India Scheme is also providing guidance to prospective entrepreneurs in their endeavour to set up business enterprises, noted the report.
