Introduction
‘Stand Up India’ is an ambitious initiative by the government of India which was launched in April 2016 by the Hon’ble Prime Minister Narendra Modi, to promote entrepreneurship and capital investment among people belonging to the Scheduled Castes (SC) and Scheduled Tribes (ST) and women. The initiative is aimed at enhancing social and economic inclusions from these communities. It is also a part of the government’s ‘Make in India’ campaign, which seeks to promote industrialization, boosting the manufacturing sector and modernizing traditional products. To promote this initiative, the government implemented a number of schemes and procedures that are applicable to the people belonging to these groups.
Page Contents
Objectives of Stand Up India
The Stand Up India Initiative has been launched with three primary objectives:
1. To promote entrepreneurship among the SC/ST community and women.
2. To create employment opportunities to those belonging to the SC/ST categories and women.
3. To provide financial support to these entrepreneurs through a number of schemes.
Procedure for Registration under Stand Up India
Those interested in being part of the Stand Up India Initiative must first register themselves on the official website. The registration for the scheme requires applicants to submit certain documents such as identity and address proof, photographs and other relevant information. The applicants must also provide the details of their existing business, if any. Once the registration process is complete and the documents are approved, the applicants are awarded a registration number.
Eligibility Criteria for Stand Up India
The applicants eligible for the Stand Up India Initiative should be members of SC and ST category and female entrepreneurs. The applicants must be between 18-55 years of age and should have completed a minimum of 10th grade or its equivalent in academic qualifications. They must also have a minimum of 5 years of work experience in the relevant sector.
Schemes under Stand Up India
There are currently four schemes under the Stand Up India Initiative. These are:
1. Pradhan Mantri Mudra Yojana: This scheme provides subsidies and loans to Small and Medium Enterprises (SMEs) and new start-ups in India. The applicants can get loans up to Rs 10 lakhs at a lower rate of interest.
2. Pradhan Mantri MUDRA Card: This scheme is aimed at providing easy access to loans for individuals from the SC, ST and women category. The Pradhan Mantri MUDRA Card can be used to avail of loans from various banks.
3. Pradhan Mantri Jan Dhan Yojana: This scheme aims to provide banking facilities to individuals belonging to the SC, ST and women category. Under this scheme, individuals can open a zero-balance bank account and get a debit card for easy transaction.
4. Mahila Udaan: This scheme provides financial assistance to women entrepreneurs to start a business. It provides capital support as well as other resources to help women start-ups.
Tax Benefits under Stand Up India
The Stand up India Initiative also offers some additional tax benefits to encourage SC, ST and women entrepreneurs. The applicants are exempt from payment of Income Tax on their incomes for the first three years of their business. They are also eligible for a tax rebate of 33% of the total tax payable.
Conclusion
The Stand Up India Initiative is a great way to encourage entrepreneurship and capital investment, particularly among those belonging to the SC, ST and women category. With its various schemes, procedures and tax benefits, the initiative seeks to provide these individuals with opportunities to become successful entrepreneurs.
Author Bio
