Recognizing the difficulties faced by ambitious SC, ST, and women entrepreneurs, the "Stand up India" scheme was introduced on 5 April 2016 to promote entrepreneurship at the grassroots level with an emphasis on economic empowerment and employment creation. The scheme was extended for the entire year of 2019-20, which corresponded to the 15th Finance Commission period of 2020-25.
“As we commemorate the sixth anniversary of the Stand-Up India scheme, it is heartening to see that more than 1.33 lakh new job-creators and entrepreneurs have so far been facilitated under this Scheme,” Union Finance and Corporate Affairs Minister Nirmala Sitharaman said in a message on the occasion.
She further said, “More than 1 lakh women promoters have benefitted from this Scheme during its six years of operation. 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.”
“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,” the Finance Minister added.
The dreams, aspirations, and expectations of a huge group of potential entrepreneurs, particularly women and Scheduled Castes (SCs), Scheduled Tribes (STs), are rising as India grows fast. They want to start a business of their own so that they can prosper and grow. Entrepreneurs like these may be found all over the country, bursting with ideas for what they might accomplish for themselves and their families. The initiative aims to help prospective SC, ST, and women entrepreneurs realise their dreams by boosting their energy and excitement and removing several roadblocks in their way.
The Stand-Up India scheme aims to assist women, Scheduled Castes (SC), and Scheduled Tribes (ST) in establishing a greenfield business in manufacturing, services, or commerce.
Stand-Up India's mission is to: –promote entrepreneurship among women in the SC and ST categories; –provide loans for greenfield enterprises in manufacturing, services, and trading, as well as activities related to agriculture; and –facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per Scheduled Commercial Bank branch.
Borrowers would be able to get loans from bank branches to help them start their own business under the scheme.
As of March 21, 2022, the scheme had sanctioned Rs. 30160 crore to 133,995 accounts.
