Topics Covered: Inclusive growth and issues arising from it.
Stand Up India Scheme:
Performance of the scheme:
Five years ago the Stand Up India scheme was launched by the government to promote entrepreneurship among women, Scheduled Castes (SC) & Scheduled Tribes (ST). So far:
- Banks have sanctioned more than ₹25,000 crore to over 1.14 lakh accounts.
- Women-led enterprises have dominated the sanctions so far under the scheme, which has now been extended till 2025.
About the Stand Up India Scheme:
- Stand Up India Scheme was launched on 5 April 2016 to promote entrepreneurship at the grass-root level of economic empowerment and job creation.
- This scheme seeks to leverage the institutional credit structure to reach out to the underserved sector of people such as SCs, STs and Women Entrepreneurs.
- The objective of this scheme is to facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one SC or ST borrower and at least one woman borrower per bank branch for setting up a Greenfield enterprise.
- The offices of SIDBI and NABARD shall be designated Stand-Up Connect Centres (SUCC).
Eligibility under Stand Up India Scheme:
- SC/ST and/or women entrepreneurs; above 18 years of age.
- Loans under the scheme are available for only Greenfield project.
- Borrower should not be in default to any bank or financial institution.
- In case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.
- Key features of the scheme.
Discuss the significance of the scheme.
Sources: the Hindu.