The Modi Government has devoted a lot of time to chart policies in favour of digitalization, and empowerment of women and marginalized communities. In tune with this plan, Prime Minister Narendra Modi launched the “Stand Up India” initiative on Tuesday.
The initiative was first unveiled on Independence Day last year, and is designed with the idea of providing women, schedule castes, schedule tribes and Dalit members of the society with funds to start their own business. The incentive behind the plan is to unlock more jobs for people and nurture a culture of entrepreneurship.
As part of the scheme, the beneficiary member group will receive loans in amounts between Rs.10 lac and Rs. 1 crore. Not just this, the loan will be given without asking the borrowers to pledge an asset as security or collateral to the lender. Moreover, to ensure that the benefits don’t get lost in implementation, the government has stipulated that each bank branch provide at least one loan to an SC/ST entrepreneur and one loan to a women entrepreneur. The Prime Minister took the lead on the matter by giving 10 entrepreneurs loan approval letters.
Pradhan Mantri Mudra Yojana
Coupled with the launch of “Stand Up India”, Prime Minister Modi distributed 5,100 e-rickshaws as part of the Pradhan Mantri Mudra Yojana. There rickshaws can be booked using the Ola app and currently service the Delhi-NCR region. This scheme builds on the “Stand Up India” initiative and is modelled to assist small lending institutions with their loans. The scheme will help refinance loans of up to Rs. 10 lakhs, disbursed by small lending institutions, for non-agriculture business activities. Beneficiaries of this loan can pay a small sum from their daily income towards repayment of the loan.
Additional Reading: Start Up India – What It Means For Women Entrepreneurs
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