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What was the motivation for the creation of this programme?

The Indian government developed this scheme with the goal of supporting entrepreneurship at the grassroots level in order to stimulate job creation and economic empowerment, particularly among the country's ST, SC, and women entrepreneurs.

This scheme's accomplishments

Over 1.33 lakh new job creators and entrepreneurs have benefited from this programme. In the previous six years, almost 1 lakh women entrepreneurs have benefited from this programme. Up to March 21, 2022, the government has sanctioned Rs. 30,160 crores to a total of 1,33,995 accounts under this plan. 6,435 accounts belonged to ST borrowers and were sanctioned for Rs 1373.71 crore, while 19,310 accounts belonged to SC borrowers and were sanctioned for Rs 3976.84 crore. Rs. 24809.89 crore has been sanctioned to 1,08,250 women entrepreneurs who have accounts.

Changes made to this programme as part of Budget 2022

In the 2022 Budget 2022, a few good improvements were made to this plan, including a reduction in the amount of margin money that the borrower must provide from 25% to 15% of the project cost, albeit the borrower must still contribute a minimum of 10% of the project cost as their personal contribution. Loans for allied agriculture activities such as rearing, beekeeping, dairy, poultry, grading, fishery, pisciculture, aggregation agro-industries, rearing, livestock, sorting, grading, agribusiness centres, agriclinic, food & agro-processing, and other related services will be covered under this scheme.

The government has also established a Credit Guarantee Fund for Stand-Up India (CGFSI) to provide collateral-free coverage. Borrowers will receive handholding assistance as well as a credit facility as part of the scheme.

How can one apply for this programme?

Individuals who wish to apply for benefits under this scheme can do so through the www.standupmitra.in portal.

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