Over Rs 30,160 cr sanctioned under ‘Stand Up India’ scheme in six years

Over Rs 30,610 crore has been sanctioned under the Stand Up India scheme to 1,33,995 accounts in six years since the initiative’s inception.

The Stand Up India scheme was launched in April 2016 to promote entrepreneurship among Scheduled Caste, Scheduled Tribe and women entrepreneurs, focusing on economic empowerment and job creation. As on March 21, 2022, about 133,995 accounts have received advances under the scheme, out of which 19.310 were held by SCs; 6,435 by STs and 108,250 by women.

Loan under the scheme can be availed by SC/ST and women entrepreneurs above 18 years of age, and is available for only greenfield projects.

In case of non-individual enterprises, 51 per cent of the shareholding and controlling stake should be held by either SC/ST or women entrepreneurs. The margin money to be brought in by a borrower is up to 15 per cent of the project cost, and the applicant has to contribute at least 10 per cent of the project cost as own contribution.

Marking the sixth anniversary of the scheme, Prime Minister Narendra Modi tweeted “India is full of entrepreneurial energy and the Stand Up India initiative is a part of the ongoing efforts to channelise this spirit to further progress and prosperity.”

The government understands the potential these rising entrepreneurs have in driving economic growth through their roles as not just wealth-creators but also job-creators, Finance Minister Nirmala Sitharaman said in a statement.

“As more and more beneficiaries from the underserved segments of entrepreneurs are targeted for coverage, we would make significant strides towards building an Atmanirbhar Bharat,” Sitharaman said.

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