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GOVERNMENT EXTENDS “STAND UP INDIA SCHEME” TO 2025

GOVERNMENT EXTENDS “STAND UP INDIA SCHEME” TO 2025

Context:

The Government of India has extended the duration of ‘Stand Up India Scheme’ up to the year 2025.

About the Scheme:

  • On 05 April, 2016, it was launched by the Prime Minister to facilitate loans to Scheduled Caste, Scheduled Tribe and women borrowers, to promote entrepreneurship among them.
  • It offers bank loans to women and SC & ST communities to motivate them in setting up a green field enterprise, in the manufacturing, services or trading sector.
  • Around 1,16,266 loans amounting to Rs. 26204.49 crore have been extended under the Scheme since its inception.
  • The loans under the Stand Up India Scheme are extended by Scheduled Commercial Banks (SCBs) between Rs. 10 lakh and Rs.1 Crore.
  • In the Budget Speech for FY 2021-22, Margin Money requirements for Scheme loans were reduced.
  • In the Budget Speech for FY 2021-22, activities related to agriculture were included in the Scheme.

Objective of the Stand Up India Scheme:

  • To facilitate loans from Scheduled Commercial Banks (SCBs) of value between Rs. 10 lakh and Rs.1 Crore to at least 1 Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and 1 woman borrower per bank branch for setting up a green field enterprise in manufacturing, services or trading sector.

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