The Stand Up India Scheme launched on April 5, 2016 . with a focus on job creation and economic empowerment as its primary goals. The duration of this plan extended to 2025.
SUI established to assist women, Scheduled Castes (SC) and Scheduled Tribes (ST) categories . in starting a greenfield enterprise in the manufacturing, services, or trading sector and activities allied to agriculture. This done in recognition of the difficulties that aspiring SC, ST, and women entrepreneurs may face in achieving their dream.
On the event, Association Money and Corporate Issues Pastor Smt. “It is a matter of pride and satisfaction for me to note that over 1.8 lakh women and SC/ST entrepreneurs sanctioned loans for more than Rs,” Nirmala Sitharaman stated. 40,600 crore.”
What’s the Stand-Up India program?
(SUI) plot for supporting SC/ST and additionally Ladies Business visionaries sent off by Hon’ble State leader (PM) on April 05, 2016.
The goal of the SUI plot is to work with bank advances between Rs.10 lakh and Rs. 1 million to at least one borrower from a Scheduled Caste (SC) or Scheduled Tribe (ST) and at least one borrower from a woman per bank branch for starting a new business. This undertaking might be in assembling, administrations, agri-unified exercises or the exchanging area. In the event of non-individual endeavors something like 51% of the shareholding and controlling stake ought to be held by either a SC/ST or lady business person.
Stand-Up India (SUI) conspire for supporting SC/ST and additionally Ladies Business visionaries has been sent off by Hon’ble State head (PM) on April 05, 2016.
The goal of the SUI conspire is to work with bank credits between Rs.10 lakh and Rs. 1 Crore to no less than one Booked Position (SC) or Planned Clan (ST) borrower and no less than one lady borrower for each bank office for setting up a greenfield endeavor. This venture might be in assembling, administrations, agri-united exercises or the exchanging area. In the event of non-individual undertakings something like 51% of the shareholding and controlling stake ought to be held by either a SC/ST or lady business person.
- SC/ST and/or female entrepreneurs over the age of 18 .
- The scheme only offers loans to Green Field Projects. In this context, “Green Field” refers to the beneficiary’s first venture in the manufacturing, services, agri-allied activities, or trading sectors.
- SC/ST and/or Women Entrepreneurs should hold 51% of the shareholding and controlling stake in non-individual businesses.
- Borrower should not be in default to any Bank / Financial Institution.
Stand up India Purpose
- Promote entrepreneurship amongst women, Scheduled Cast (SC) Scheduled Tribe (ST )and category.
- Provide loans for greenfield enterprises in manufacturing, services or the trading sector and activities allied to agriculture.
- Facilitate bank loans between Rs.10 lakh and Rs.100 lakh to at least one SC/ST borrower and at least one-woman borrower per bank branch of Scheduled Commercial Banks.
Stand Up India Scheme Key Features
- The plan is important for a drive by the Branch of Monetary Administrations (DFS), Ministry of Money to advance enterprising ventures.
- a loan in the amount of Rs. 10 lakhs to Rs. 1 crore, which includes working capital for starting a new business.
- According to the plan, each bank branch must be facilitate two entrepreneurial projects. one for SC/ST and one for an entrepreneur who is a woman.
- For credit withdrawal, a RuPay debit card would be provided.
- The record of the borrower would be kept up with by the bank so the cash isn’t utilized for any private use.
- Refinance opportunity via the Small Industries Development Bank of India (SIDBI), with a start-up capital of Rs. 10,000 crore.
- Under this plan, through NCGTC, making of a corpus of Rs.5000 crore for credit ensure.
- assisting borrowers by providing comprehensive pre-loan training support, such as loan facilitation, factoring, and marketing things.
Benefits of Stand Up India Scheme
The initiative’s primary objective is to provide new entrepreneurs with encouragement and motivation in order to reduce unemployment.
Stand Up India is the ideal platform for investors who want to receive expert guidance, time, and legal expertise. Another advantage is that they would help you in the beginning up for the underlying two years of your work.
They additionally give present set up help on the experts.
Another advantage for entrepreneurs is that they don’t have to worry much about how to pay back the loan . because they have to pay it back in seven years, which relieves the borrowers of the burden of repaying the loan. Be that as it may, a specific sum should be repaid every year according to the borrower’s decision.
Additionally, this plan will assist in removing legal, operational, and other institutional barriers for entrepreneurs.
It tends to be an extremely certain lift as far as occupation creation .
Stand Up India Scheme: Challenges
Every new scheme or program has its own set of benefits and drawbacks. Additionally, the Stand Up India Scheme is identical. The Stand Up India program faces a number of difficulties, including the following:
- The education of the public regarding the socioeconomic aspects of Dalit and female entrepreneurship has received little attention. On the off chance that this isn’t finished, the Exceptional India plan may not be extremely successful.
- According to the criteria for this scheme, the business must be creative. in addition The DIPP has total discretion over whether or not a product is innovative. This might prompt deferrals and furthermore possibly great enterprising endeavors and then might be lost simultaneously
The organization is expect to have a turnover of 25 crores. This criterion is only met by a small number of SC/ST-led moreover businesses and equally important women-led entrepreneurs. Self-help groups that have encouraged women entrepreneurs, particularly in rural areas, have been subject to elite capture and .
The following actions will be taken by the government to promote further the scheme as part of media coverage and awareness:
- A Twitter Handle for Startup India for development.
- In order to raise more awareness of Stand Up India, an official website has been crea
- ted, and an application also started.
- Motivating stories will also be blog daily on the scheme’s online web portal to inspire others.
- A dedicated Facebook page will also be created to promote the plan on social media platforms.
The majority of women entrepreneurs in the self-help group and cooperative movements primarily first contribute to the service industry. Experts says the government can provide women with an institutional framework and support services through this program .
Steps to Register with Stand Up India Scheme
1: Visit Stand-up India’s official website ‘https://www.standupmitra.in/Login/Register’
2: Fill in the registration form by first entering the business location that includes the business address, state, district, village, town, city, and pin code.
3: Select whether the promoter belongs to the women category and holds a 51% stake or higher and the same applies to SC/ST category.
4: Next applicant can select the nature of the business planned, desired loan amount, the nature and description of business activity, the status of space for the business, and select the drop-down of first-time entrepreneurs.
5: Further he/she needs to mention his/her past business experience by mentioning business activity, years of experience, and the nature of business.
6: then one needs to tick the desired handholding support, as per the need and interest.
7: Last and final step of registration is regarding the applicant’s personal information name, name of the enterprise, user name, mobile number, email, and type of constitution.
- Completed application form with passport-sized photos Identity Documentation: Driving license, voter’s ID card, PAN card, and other similar documents
- Residence Security: Identity card, passport, most recent electricity and phone bills, receipt for property tax, etc.
- Copy of the partners’ partnership deed, copies of lease deeds, or a rent agreement; copies of the last three years’ balance sheets of the association; statements of the promoters’ and guarantors’ assets and liabilities; or any other document that the bank requires.