Stand up India scheme, as the name signifies the scheme primarily aims at making the country self-reliant and independent. The Stand-Up India Scheme is one of the prominent schemes that have been found to eliminate the difficulties that are mostly faced by SC, ST, and women entrepreneurs in setting up their businesses, applying for loans, and others. To develop an ecosystem that supports the growth of the business, this scheme applies to all Scheduled Commercial Bank branches. An individual who wishes to apply for the scheme can get assistance directly at the branch, through the Stand-Up India site, or through the Lead District Manager (LDM).
The Stand-Up India Scheme was introduced by the Government of India and was launched by the Honourable Prime Minister of India Shri Narendra Modi in April 2016 to support and encourage entrepreneurship among women, and SC/ST communities. A sum of money is loaned to them to start their own business set up and become self-reliant. Furthermore, these communities are also the beneficiaries of some other schemes by the Government like Make in India, Industrial corridor, Dedicated Freight Corridor, Sagarmala, Bharatmala, and others.
Under the Stand-Up India Scheme, the scheduled caste, scheduled tribe, or women across the country are provided with a loan ranging between Rs. 10 lakhs to Rs. 1 crore depending upon the requirements of their business setup. The scheme gives a financial push to their businesses so that they can thrive in this ever-evolving market.
Women are said to be having excellent management skills along with proficiency in finance management. Notably, women entrepreneurs today are doing a great job in the co-operative movement and self-help groups, and their contribution to the sector has been remarkable. The Stand-Up India scheme though can provide an institutional framework and support services to ambitious women who are working day in and out to make a beginning in the manufacturing sector as well. Apart from this, this scheme also aims to make the SC/ST communities more independent, empowered, and self-reliant in the business sector. This is a good initiative from the Govt of India to transform the socio-economic architecture of rural and urban India, making sure no one is left behind in this walk toward development.