The banks of India have granted more than Rs 40,700 crore to over 1.80 lakh beneficiaries of the Stand-Up India Scheme over the course of seven years in order to encourage entrepreneurialism at the grassroots level.
The Stand up India Scheme, which was launched on April 5, 2016, focuses on job creation and economic empowerment. It has been extended until 2025.
Stand-Up India was established to promote entrepreneurship among these targeted segments and assist them in starting a greenfield enterprise in the manufacturing, services, or trading sector and activities allied to agriculture. This was done in recognition of the difficulties that energetic, enthusiastic, and aspiring SC, ST, and women entrepreneurs may face in achieving their dream, reported Moneycontrol.
The Stand-up India scheme is based on the third pillar of the National Mission for Financial Inclusion, which is “Funding the unfunded,” according to Minister of State for Finance Bhagwat Kisanrao Karad’s remarks at the event, as per a report in The Indian Express.
Economic Growth & Creating Jobs
Finance Minister Nirmala Sitaraman stated that the program had established an eco-system that facilitates and continues to provide a supportive environment for the establishment of green field businesses through access to loans from all Scheduled Commercial Bank branches.
She also stated that the Stand-Up India Scheme has proven to be an important milestone in promoting entrepreneurship among women, SC, and ST.
She stated that the potential for entrepreneurs to drive economic growth and build a strong ecosystem by creating jobs is immense. The scheme has given aspiring entrepreneurs wings to demonstrate their entrepreneurial acumen. The scheme has been crucial in elevating the living standards of entrepreneurs, their employees, and their families by facilitating the seamless flow of credit from Scheduled Commercial Bank branches to SC/ST and women entrepreneurs.
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2023-04-06 04:41:24.0
Start-Up India Scheme Sanctions Over Rs 40,000 Cr Of Loans To More Than1.8 Lakh Borrowers
