Stand-Up India Scheme 2024: 7 Years of Empowering SC/ST & Women Entrepreneurs

Introduction: Milestone for Inclusive Entrepreneurship

The Stand-Up India Scheme, launched in 2016, has successfully completed 7 years, playing a pivotal role in empowering Scheduled Caste (SC), Scheduled Tribe (ST), and women entrepreneurs. The initiative has significantly contributed to promoting financial inclusion and economic empowerment among traditionally underrepresented groups.

Key Objectives of the Scheme

The scheme aims to facilitate bank loans between ₹10 lakh to ₹1 crore to at least one SC/ST borrower and one woman borrower per bank branch for setting up a greenfield enterprise. This includes manufacturing, services, or trading sectors. The idea is to encourage job creators instead of job seekers.

Impact of the Scheme in Seven Years

As of April 2024, the Stand-Up India scheme has sanctioned over ₹40,700 crore to more than 1.9 lakh beneficiaries, with 80% of the beneficiaries being women. It has particularly benefited entrepreneurs in rural and semi-urban areas, enhancing economic participation at the grassroots level.

Support and Facilitation

In addition to financial support, the scheme provides handholding support through the SIDBI (Small Industries Development Bank of India) and designated bank officers. Beneficiaries receive guidance on project selection, training, and funding procedures, ensuring ease of execution and sustainability of businesses.

Alignment with Government’s ‘Atmanirbhar Bharat’ Vision

The Stand-Up India scheme complements the government’s larger vision of building a self-reliant India (Atmanirbhar Bharat). By fostering entrepreneurship among marginalized communities, the scheme helps to bridge the economic divide and foster inclusive growth.

stand up india scheme 2024

Why This News is Important

Significant for Government Exam Aspirants

For candidates preparing for civil services, SSC, banking, teaching, and state-level exams, the Stand-Up India scheme is a key government initiative under the Financial Inclusion and Entrepreneurship Development sections. Questions often revolve around its objective, target group, and performance.

A Major Policy for Inclusive Development

The scheme is an important case study on how targeted policies can uplift marginalized communities through structured economic support. It promotes equity by giving financial access and business opportunities to those who have traditionally been left out of the economic mainstream.

Historical Context: Launch and Development

Launch of the Scheme in 2016

The Stand-Up India scheme was launched by Prime Minister Narendra Modi on 5th April 2016. It was designed to promote entrepreneurship among women and marginalized communities, especially in rural areas. It forms a part of the broader policy ecosystem that includes Mudra Yojana and Startup India.

Progress Over the Years

Over the last seven years, the scheme has evolved with digital facilitation, reduction in documentation, and better coordination with SIDBI and banks. The progress showcases India’s commitment to empowering first-time entrepreneurs and encouraging self-employment across sectors.

Key Takeaways from “Stand-Up India Scheme Completes 7 Years”

FAQs: Frequently Asked Questions

1. What is the Stand-Up India Scheme?

The Stand-Up India Scheme is a government initiative that facilitates bank loans to SC/ST and women entrepreneurs to promote inclusive entrepreneurship.

2. Who are eligible for loans under the Stand-Up India Scheme?

SC/ST and women entrepreneurs above 18 years of age setting up a greenfield (first-time) enterprise in manufacturing, services, or trading are eligible.

3. What is the loan amount provided under the scheme?

The scheme provides loans ranging from ₹10 lakh to ₹1 crore.

4. Is there any subsidy under the scheme?

There is no direct subsidy, but the scheme supports credit and capacity building through SIDBI and banks.

5. How does Stand-Up India differ from MUDRA Yojana?

While MUDRA offers micro-loans up to ₹10 lakh to all small businesses, Stand-Up India specifically targets SC/ST and women for larger loans (₹10 lakh to ₹1 crore) for greenfield enterprises.