Modi launches 'Stand up India' for schedule caste, schedule tribe and woman entrepreneurs
05 April 2016
Prime Minister Narendra Modi today launched the 'Stand up India' scheme, aimed at promoting entrepreneurship among people belonging to scheduled castes and scheduled tribes as well as women. The prime minister launched the scheme and a web portal at a function in Noida, in Uttar Pradesh today.
The `Stand up India' scheme aims to promote entrepreneurship among people from schedule caste/schedule tribe and women by facilitating loans in the range of Rs10 lakh to Rs1 crore.
Each branch of a scheduled commercial bank will be required to facilitate at least two such loans. A web portal will enable online registration and support services.
The prime minister also flagged off 5,100 e-rickshaws on the occasion. He also interacted with beneficiaries, besides inaugurating a Kaushal Vikas Kendra (skilling centre) at Noida.
The Scheme which is an upgraded version of 'Start up India Scheme' is expected to benefit entrepreneurs in large numbers.
Under the `Stand up India Scheme' the government will:
- Facilitate composite loan between Rs10 lakh and Rs1 crore to entrepreneurs for setting up new enterprises;
- Provide debit card (RuPay) for withdrawal of working capital;
- Develop credit history of borrower;
- Set up a Rs10,000-crore refinancing window through Small Industries Development Bank of India (SIDBI);
- Create a corpus fund of Rs5,000 crore for credit guarantee through NCGTC;
- Offer support to borrowers looking for pre loan training needs, facilitating loan, factoring, marketing etc; and
- Offer online support services, online registration and web portal.
The overall intention is to leverage government's credit structure and to reach out to undeserved sectors. The launch was accompanied by distribution of 5,100 E-rickshaws by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojana Scheme.