- The government has planned to launch a modified version of the “Stand-Up India” scheme
- The modification has been made to provide better assistance to SC, ST, and women entrepreneurs
- The scheme provides assistance to entrepreneurs in setting up new ventures through bank loans
The Government will launch a new version of the Stand Up India program with enhanced features so that SC, ST and female entrepreneurs can receive more help to develop their businesses, according to Finance Minister Nirmala Sitharaman Monday.
The Stand Up India program, which was initiated by the Modi administration in 2016 providing access to Government-backed bank loans to SC, ST, and female entrepreneurs for start-ups in the total amount of ₹20 billion was scheduled to expire on March 31, 2025.
Minister made these comments in response to a supplementary question posed by a Lok Sabha MP during question time.
She stated that the upcoming new version of the Stand Up India program would contain programming changes made as a result of the implementation of the current program's operations experience.
Furthermore, Minister stated that the NITI Aayog and other credible independent studies will be used to create the new program and the Government intends to submit the revised program to the Cabinet for approval.
Under the earlier scheme, the beneficiaries who were eligible could get loans ranging from ₹10 lakh to ₹1 crore at interest rates determined by banks. They could repay the loan within a period of up to 7 years with a moratorium of up to 18 months.
On being questioned about the possibility of increasing the loan limit for the beneficiaries under the revised scheme, the Minister said that various options are being examined.
In response to questions about the focus on greenfield projects in the new scheme, she said that existing businesses have alternative financing options such as the PM Mudra scheme, financing through Small Industries Development Bank of India, and the Startup India initiative, which focuses on innovation-led startups, mainly in urban areas.
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