After launching the Start Up India scheme in January 2016, Prime Minister Narendra Modi on April 5 launched the Stand Up India initiative at Noida to promote entrepreneurship among the Scheduled Castes, Scheduled Tribes, and Women, by facilitating loans in the range of Rs. 10 Lakhs to Rs. 100 Lakhs.
With the aim to empower the deprived section of the society, the Cabinet, in month of January had approved the ‘Start Up India’ scheme for providing credit to SC/ST and women entrepreneurs at lower rates.
It is said that under this scheme each branch of a scheduled commercial bank should facilitate at least two such loans. It will be implemented through 1.5 lakh bank branches.
Speaking during the inaugural session in Noida, PM Modi said, “Stand up India aims to empower every Indian and enable them to stand on their own feet. Today’s job seekers will be job creators of tomorrow.”
Modi spells out the Action plan while inaugurating the scheme
Stand up India' aims to empower every Indian and enable them to stand on their own feet. “There were few autowalas who did not own the rickshaws and half of what they earned was spent on rent. E-rickshaws will be given to those who do not own rickshaws. Beneficiaries of this will be the poor,” he said.
“The job seeker has to become a job creator,” Modi emphasised. As per the government, these are sectors of the population that are often underprivileged or under-served and they have lot of potential to rise and shine in future. This scheme will help them by facilitating loans for non-farm sector entrepreneurship.
This initiative will shift the focus towards SC/ST women entrepreneurs to promote them inclusivity.