In April 2016, the ‘Stand Up India’ program began. Encourage women, Scheduled Castes, and Scheduled Tribes entrepreneurs.
In the six years after the program began. Rs.30,610 crores were already approved. Stand-Up India has an aim to open 1,33,995 accounts.
Economic empowerment is the aim of the Stand Up India campaign. In April 2016, job creation was set up. To encourage Scheduled Caste and Scheduled Tribe. And women entrepreneurs to start businesses. The scheme had advanced cash to 133,995 accounts as of March 21, 2022. SCs owned 19.310, STs 6,435, and women 108,250 of the total.
SC/ST and women entrepreneurs over the age of 18 can apply for a loan under the initiative. Which is only accessible for greenfield projects.
In the event of non-individual firms. Either SC/ST or women entrepreneurs must have 51% of the ownership. And controlling interest. A borrower can bring in up to 15% of the project’s cost as margin money. And the applicant must provide at least 10% of the project’s cost as a personal contribution.
“India is brimming with entrepreneurial energy. And the Stand Up India project is subject to ongoing efforts. To channel this spirit toward further growth and prosperity,”. Prime Minister Narendra Modi tweeted on the scheme’s sixth anniversary.
Finance Minister Nirmala Sitharaman said in a statement. That the government recognizes the potential of these young entrepreneurs. To drive economic growth via their responsibilities as not wealth producers. But also employment creators.
“As more underserved segments of the entrepreneur community are sought for enrollment. We must make significant headway in creating an Atmanirbhar Bharat “Sitharaman continued.