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Stand up India- features and significance

Prime Minister Narendra Modi launched the Stand Up India scheme from NOIDA, UP. The scheme is aimed at

  1. Promoting entrepreneurship among 250,000 beneficiaries and is being seen as a push for financial inclusion.
  2. To leverage the institutional credit structure

Main features of Stand up India

  • It is being anchored by the Department of Finance Services (DFS)
  • It aims to encourage Greenfield enterprises of SC/ ST/ Women entrepreneurs
  • It will facilitate bank loans repayable up to 7 years
  • It also provides for refinance window through SIDBI (Small Development Bank of India), with an initial capital of Rs. 10.000 crore
  • Under the scheme, 1.25 lakh bank branches will provide loans between 10 lakh and Rs.1 crore to scheduled castes (SC), scheduled tribes (ST) and women entrepreneurs.
  • The scheme intends to facilitate at least 2 such projects per branch, on an average one for each category of entrepreneurs.
  • It also provides for the creation of a credit guarantee mechanism through the NCGTC (National Credit Guarantee Trustee Company.
  • It aims to provide support to borrowers both at the pre loan stage and during its operation. Such services include increasing their familiarity with factoring services, registration with on-line platforms and e-market places as well as sessions on best practices and problem solving.

Significance of Stand Up India:

Its target group forms the bulk population that had remained under-privileged till date and so this effort will:

  • Bring Social justice by pulling them up in the higher strata.
  • Bridge income disparity
  • Eliminate regional disparity
  • Give fillip to GDP growth
  • Boost export
  • And above all promote self- employment, confidence building and inclusive growth to build a new India, that will belong to all.
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