The finance ministry has released the performance data of the Stand Up India scheme launched in 2016 and aimed at empowering the scheduled caste (SC), scheduled tribe (ST) and women.
“Rs 25,586 crore has been sanctioned to more than 114,322 accounts Rs 25,586 crore has been sanctioned to more than 114,322 accounts,” the ministry tweeted on April 5.
Finance Minister Nirmala Sitharaman, on April 5, announced via Twitter that the scheme had been extended till 2015.
“To empower SC, ST and Women, on this day in 2016, the PMO launched Stand up India. The scheme is extended till 2025. Following tweets show the performance of this scheme in the last five years,” she tweeted.
So, what has been the progress?
>> The Stand Up India scheme was launched on April 5, 2016 to promote entrepreneurship at the grassroots level focusing on economic empowerment and job creation. It is now extended up to the year 2025.
>> The scheme aims to promote entrepreneurship amongst women, the SC and ST communities. It aims to help them start their own enterprise, to give them a sense of self sufficiency and self-esteem.
>> The scheme facilitates bank loans ranging between Rs 10 lakh to Rs 1 crore to at least one SC or ST borrower and at least one woman borrower per bank branch of the Scheduled Commercial Banks (SCBs), for setting up a greenfield enterprise in manufacturing, services or trading sectors and activities allied to agriculture.
>> Conditions to qualify for the loan include:
- At least 51 percent stake should be held by an SC, ST or woman entrepreneur for a non-individual enterprise;
- The margin money is reduced from 'up to 25 percent' to 'up to 15 percent’ of the project cost;
- Convergence with the Central State Government Schemes.
>> Rs 25,586 crore has been sanctioned to more than 114,322 accounts till March 23, 2021 since inception of the scheme.
| No of accounts | Sanctioned amount (crore) | |
| SC | 16,258 | Rs 3,335.87 |
| ST | 4,970 | Rs 1,049.72 |
| Women | 93,094 | Rs 21,200.77 |
| TOTAL | 114,322 | Rs 25,586.37 |
| As on 23.03.2021 |
>> The Scheduled Commercial Banks can be accessed in three potential ways:
- Directly at the branch or,
- Through Stand-Up India Portal (http://standupmitra.in)
- Through the Lead District Manager (LDM).
>> SC or ST and/or women entrepreneurs, above 18 years of age with at least 51 percent controlling stake in a greenfield, non-individual enterprise will be eligible for a loan.
- Loans available for setting up greenfield projects
- At least 51 percent stake should be held by an SC/ST or woman entrepreneur for a non-individual enterprise
- Borrowers should not be in default to any bank or financial institution.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
