In a move to bolster women’s entrepreneurship, the Finance Minister has unveiled a new initiative targeting 5 lakh women from Scheduled Castes and Scheduled Tribes (SC/ST). Over the next five years, this scheme will facilitate term loans of up to Rs 2 crore, providing crucial financial support to aspiring business owners.
Drawing inspiration from the existing Stand-Up India scheme, the new program will incorporate valuable lessons learned from its implementation. Stand-Up India, launched in 2016, has been instrumental in promoting entrepreneurship among women, particularly those from SC/ST communities.
While the details of how the new scheme will align with Stand-Up India remain to be seen, it signals the government’s continued commitment to empowering women entrepreneurs.
Stand-Up India provides loans ranging from Rs 10 lakh to Rs 1 crore to at least one SC/ST borrower and one woman borrower per bank branch. This support enables them to establish greenfield enterprises in various sectors, including manufacturing, services, and trading, as well as agriculture-related activities.
Data presented in Parliament reveals that as of June 2024, the Stand-Up India scheme has disbursed loans to 40,002 SC women and 13,424 women, demonstrating its reach and impact. The new scheme is expected to build upon this foundation, further driving women’s entrepreneurship and economic empowerment.
Link to article –
