Prime Minister Modi launched Stand up India scheme to promote entrepreneurship among dalits, Adivasis, and women. The scheme aims for giving a helping hand in terms of finance and expertise for those sections of people who does not have/had any entrepreneurial background. Explaining his (PM) vision for converting job seekers into job creators, the Prime Minister said the Stand up India initiative will transform the lives of the Dalits and the Adivasis.
The broad features of the scheme are as under:-
Composite loan between Rs. 10 lakh and upto Rs.100 lakh, inclusive of working capital component for setting up any new enterprise.
Debit Card (RuPay) for drawl of working capital.
Credit history of borrower to be developed.
Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs.10, 000 crore.
Creation of a corpus of Rs. 5,000 crore for credit guarantee through NCGTC.
Handholding support for borrowers with comprehensive support for pre loan training needs, facilitating loan, factoring, marketing etc.
Web Portal for online registration and support services.
The overall intent of the proposal is to leverage the institutional credit structure to reach out to these underserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and Women borrowers. The initiative will also develop synergies with ongoing schemes of other Departments.
The scheme is a boon for unprivileged sections who before despite having a sound idea could not establish a business due to lack funds and legitimate advice.
The scheme not only focuses on entrepreneurship but also employment generation. In this aspect stand up India scheme can be a potential game changer in employment generation.
Special emphasis to women has been given in this scheme providing them a favourable platform to get them empowered socially, economically. Tribal and others schedule caste women who manage their own micro businesses at village or block level, Stand up India scheme is a great kick starter for such women to improve such businesses to take in to next level.
Finally Stand up India scheme is a potential game changer in terms of creating more entrepreneurs, creating employment, and empower women of socially and economically weaker sections of the society. However the old age issue of implementation is the key. Government needs to take measures like awareness campaign in print and electronic media to promote such schemes so that more number of people makes use of this scheme.
Click here and search for Spotlight/ News Analysis dated April 5th 2016
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