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Credit and Loans for MSMEs: Women entrepreneurs have emerged as the largest beneficiaries of the government’s Standup India Scheme since its inception in April 2016, with 80.2% of bank loans granted by early December belonging to women-led business units . Rajya Sabha’s Ministry of Finance Bhagwat Karad recently reported that as of 2 December 2022, 1,59,961 loans have been approved for entrepreneurs, of which 1,28,361 loans have been approved for women entrepreneurs, and 23,797 loans have been approved for women entrepreneurs. has been approved for designated caste entrepreneurs and 7,803 loans have been approved. To the scheduled tribal entrepreneurs.
The scheme will facilitate bank loans of Rs.100,000 to Rs.100 crore to at least one SC/ST borrower and one female borrower per bank branch to set up greenfield enterprises in manufacturing, services. was launched to promote SC, ST, and women entrepreneurship by. , trade sector, and activities related to agriculture.
Also read: Stand up to India: Over 23,000 Loans Approved Under Government Pet Scheme for Women, SC/ST Entrepreneurs in FY22
As of March 2022, since the commencement of the scheme, INR 30,160 has been authorized under the scheme to 1,33,995 beneficiaries, of which INR 24,809 has been authorized to 1,08,250 female entrepreneurs and INR 3,976 has been authorized to 19,310 SC beneficiaries were authorized for Rs 1,373. 643.5 billion his ST entrepreneurs.
In order to boost the scheme’s performance, Finance Minister Nirmala Sitharaman announced in his budget speech for FY21-22 that the range of margins brought in by borrowers will be reduced from a maximum of 25% to a maximum of 15% of the project cost. . It also brought credit to companies with “agriculture-related activities” covered by the scheme, such as fish farming, beekeeping, poultry farming, animal husbandry, breeding, grading, sorting, intensive agro-industry, dairy farming and fishing.
Also read: Stand up to India: Rs 1.33 lakh new entrepreneurs supported by Rs 3 lakh loans, says FM Nirmala Sitharaman
Apart from credit support, SIDBI’s Standup Mitra portal, developed for this scheme, will support entrepreneurs through a network of institutions on hand, through skill centers, mentorship support, entrepreneurship development program centers, and district industry Center.
Estimated demand for credit by women-owned micro-enterprises (WVSEs) in the country is worth Rs 836 crore, according to a report by International Finance Corporation (IFC) and Intellecap (an advisory body to impact investment firm Aavishkaar Group earlier this year) To do. About 15 million women-owned in India, her MSMEs face challenges such as inadequate access to capital, technology and information, and infrastructure gaps, according to the report.
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