Indian Economy News

More than US$ 4.92 billion (Rs. 40,700 crore) has been sanctioned to over 180,630 accounts under the Stand-Up India Scheme in seven years

In order to promote entrepreneurship at the grassroot level focusing on economic empowerment and job creation, Stand-Up India (SUPI) Scheme was launched on April 5, 2016, which has now been extended till 2025. The aim of this scheme was to promote entrepreneurship amongst women, scheduled castes (SC), and scheduled tribes (ST) categories, to help them in starting a greenfield enterprise in manufacturing, services, or the trading sector and activities allied to agriculture.

Union Finance and Corporate Affairs Minister, Ms. Nirmala Sitharaman, at the occasion of the seventh anniversary of the SUPI Scheme, informed that about 180,636 people and SC/ST entrepreneurs have been sanctioned loans for more than US$ 4.92 billion (Rs. 40,700 crore). Out of the total 1.8 lakh people, to whom loans have been sanctioned, about 80% of them are women. ““The scheme has created an eco-system which facilitates and continues to provide a supportive environment for setting up green field enterprises through access to loans from bank branches of all Scheduled Commercial Banks,” she said.

In addition, he remarked that the Stand-Up India Scheme has helped many people by ensuring access to affordable credit and has provided wings to many aspiring entrepreneurs to showcase their business acumen.

The third pillar of the National Mission for Financial Inclusion, ‘Funding the unfunded’ is the foundation for the Stand-up India initiative, according to Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.