New Delhi, March 16 The government will soon launch a revised Stand-Up India scheme to provide better benefits to Scheduled Castes (SC), Scheduled Tribes (ST), and women entrepreneurs who want to start new businesses, Finance Minister Nirmala Sitharaman said on Monday.
Launched in 2016, the Stand-Up India scheme aimed to empower Scheduled Castes (SC), Scheduled Tribes (ST), and women entrepreneurs by facilitating bank loans for setting up new enterprises. The scheme expires on March 31, 2025.
Responding to a supplementary question in the Lok Sabha, the Minister said the revised scheme will incorporate the lessons learned from the implementation of the original Stand-Up India scheme.
"Based on studies conducted by Niti Aayog and others, this scheme is being redrafted. We will soon present a proposal to the Cabinet, which will allow us to launch a new scheme to continue supporting SC/ST and women entrepreneurs across the country," Sitharaman said.
The scheme provided loans ranging from Rs 10 lakh to Rs 1 crore at the lowest applicable interest rate for that category, with a repayment period of 7 years and a maximum moratorium of up to 18 months.
When asked whether the government was planning to increase the loan amount, Sitharaman said, "We are exploring various options for the new scheme."
In response to another question about why only greenfield projects were being given loans under the Stand-Up India scheme, she said that there are several other loan options available to businesses through the PM Mudra scheme or SIDBI financing. In addition, there is the Startup India scheme, which is for innovative ideas and is largely restricted to urban areas.