Stand Up India Scheme

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Context: The Union Government has released data about the funds sanctioned under the Stand-Up India Scheme.

Details

The scheme was launched in 2016 to address the difficulties SC, ST, and female company owners encounter while starting their companies, securing loans, and receiving additional help that may occasionally be required for business success.

Significance

The scheme has built an eco-system that supports and continues to offer a supportive environment for the establishment of green field firms through access to loans from all scheduled commercial banks' bank branches.

Present Status of the Scheme

Under the Scheme, the Union government has approved Rs 40,710 crore to 1,80,636 accounts till March 21, 2023.
More than 1.8 lakh female and SC/ST business owners have received loans.
More than 80% of the loans issued under this scheme have been allocated to women.

Must Read Articles:

Stand-up India Scheme: https://www.iasgyan.in/daily-current-affairs/stand-up-india-scheme-18

PRACTICE QUESTION

Q. Consider the following Statement about the Stand-up India Scheme;

1. The scheme is anchored by the Ministry of Skill Development and Entrepreneurship.

2. The scheme was launched to encourage entrepreneurship at the grassroots level among SCs and STs entrepreneurs only.

3. Loans under the scheme are available for only Greenfield projects.

Which of the following Statement is/are incorrect?

(A) 1 and 2 only

(B) 2 and 3 only

(D) 1, 2 and 3

Answer: A

Explanation:

Statement 1 is incorrect: The Stand-up India scheme is anchored by the Department of Financial Services (DFS), Ministry of Finance.

Statement 2 is incorrect: The scheme was launched to encourage entrepreneurship at the grassroots level especially for promoting economic empowerment and employment generation among SC, ST and women entrepreneurs.

Statement 3 is correct: Loans under the scheme are available for only greenfield projects. Greenfield signifies; in this context, the first-time venture of the beneficiary in manufacturing, services or the trading sector and activities allied to agriculture.

https://www.news18.com/business/stand-up-india-scheme-govt-sanctions-over-rs-40000-crore-to-1-80-lakh-borrowers-7471315.html