Stand Up India Scheme completes 6 years

Stand Up India Scheme completes 6 years

The ‘Stand Up India’ scheme has completed six years on 5th April 2022. The ‘Stand Up India’ scheme was launched by the Government of India on 5th April 2016.

Achievements of this scheme:

  • More than 1.33 lakh new job creators and entrepreneurs have been assisted under this scheme.
  • More than 1 lakh women entrepreneurs have been benefitted under this scheme in the last six years.
  • Under this scheme, a total of 1,33,995 accounts of Rs 30,160 crore have been approved by the government till March 21, 2022.
  • Out of the total approved accounts, Rs 1373.71 crore was sanctioned in 6,435 accounts of Scheduled Tribe borrowers, and Rs 3976.84 crore was sanctioned in 19,310 accounts of Scheduled Caste borrowers.
  • 1,08,250 women entrepreneurs having accounts will get Rs. 24809.89 crore has been sanctioned.

STAND UP INDIA SCHEME:

  • The “Utishtha Bharat” scheme was launched on 5 April 2016 to promote entrepreneurship at the grassroots level for economic empowerment, and employment generation.
  • The scheme aims to extend the benefits of institutional credit structures to those with limited service benefits such as Scheduled Castes, Scheduled Tribes and women entrepreneurs.
  • Under this, the offices of SIDBI and NABARD will be designated as ‘Stand-up Connect Center’ (SUCC).
  • Loans under the scheme are made available only for Greenfield projects.

Objective of the scheme:

It aims to provide bank loans between Rs.10 lakh to Rs.1 crore from scheduled commercial banks for setting up a Greenfield project in manufacturing, service or business sector by each bank branch to at least one SC, ST and women entrepreneur.

Eligibility under the scheme:

  • SC/ ST and/ Women Entrepreneurs above 18 years of age.
  • Loan assistance under the scheme will be provided for Greenfield projects only.
  • The borrower should not be in ‘default’ (outstanding) with any bank or financial institution.
  • In case of non-private enterprises, at least 51% stake and control should be held by SC/ST and/Women entrepreneur.

Source – The Hindu

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