ENA Sectors 2024-08-20 16:38:27 <p><span style="font-size:14px"><strong>New Delhi, Aug 20 (KNN)</strong> The Stand Up India scheme, a government initiative aimed at fostering entrepreneurship among scheduled castes, scheduled tribes, and women, has reported stagnant growth in loan sanctions for the fiscal year 2023-24, according to official data recently presented in the Lok Sabha.</span></p> <p><span style="font-size:14px">Minister of State in the Finance Ministry, Pankaj Chaudhary, revealed that 39,643 loans were sanctioned in FY24, marginally lower than the 39,907 loans sanctioned in FY23.</span></p> <p><span style="font-size:14px">This figure, however, represents a significant 100 per cent increase from the 19,749 loans sanctioned in FY22.</span></p> <p><span style="font-size:14px">Despite the flat growth in sanctions, the scheme witnessed a decline in loan disbursements.</span></p> <p><span style="font-size:14px">In FY24, 17,374 loans were disbursed, marking a 12 per cent decrease from 19,872 in FY23. For comparison, 12,259 loans were disbursed in FY22.</span></p> <p><span style="font-size:14px">Launched in 2016, Stand Up India facilitates credit ranging from Rs 10 lakh to Rs 1 crore for first-time ventures in manufacturing, services, agri-allied activities, or the trading sector.</span></p> <p><span style="font-size:14px">The scheme mandates that each bank branch provide loans to at least one SC or ST borrower and one woman borrower.</span></p> <p><span style="font-size:14px">As per the scheme's website, a total of Rs 62,390 crore in loans has been sanctioned to date, with Rs 54,972 crore disbursed. The initiative currently has 80 lenders participating.</span></p> <p><span style="font-size:14px">Beyond financial support, the scheme offers comprehensive assistance to entrepreneurs, including connections to skilling centres, mentorship programs, and district industries centres.</span></p> <p><span style="font-size:14px">Loans under Stand Up India are offered at competitive rates, calculated as the bank's base rate (Marginal Cost of Funds based Lending Rate) plus 3 per cent and a tenor premium.</span></p> <p><span style="font-size:14px">The repayment period extends to seven years, with a maximum moratorium of 18 months.</span></p> <p><span style="font-size:14px">In a related development, the MSME Ministry launched the Yashasvini campaign in June 2024, aiming to support 100,000 women entrepreneurs in smaller cities through capacity building, training, and mentoring programs.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39011 https://knnindia.co.in/news/newsdetails/sectors/govts-stand-up-india-scheme-shows-mixed-results-in-fy-2023-24 2024-08-20 16:38:27 knnindia.co.in