In an effort to empower the Dalit community in the state, the Chief Minister of UP has implemented the ‘Stand-up India Scheme’, which has made the state the first one to implement so, in the country. As per a government spokesman, the Chief Minister has directed every bank to provide loans to at least one SC/ST and one woman entrepreneur, through the scheme. This initiative has already benefitted 36,000 SC/ST and women entrepreneurs of the state.
195 crores have been approved against 939 applications in Lucknow
Launched by the Central government in 2016, the Stand-up India Scheme has been handing out loans ranging from 10 lakhs to a crore, at concession rates to entrepreneurs belonging to the SC/ST groups and women.
Lucknow, Kanpur, Agra, Varanasi, Ghaziabad, Meerut, Prayagraj, Gorakhpur, Gautam Buddha Nagar and Bareilly are among the top ten districts in the state, which have been put under the umbrella of the Stand-up India scheme. The highest amount so far, 195 crores have been approved against 939 applications in Lucknow and 117 crores have already been released for further use.
7 years allowed for the repayment of loan
Income tax exemptions have been granted as well, for the first 3 years from the commencement of business. This is followed by an interest of 3% on the base rate, which cannot exceed the tenure premium. To repay this debt, a time of 7 years is allowed to the recipient of the loan.
The spokesman also added that till June 2020, loans worth 2,386 crores have been approved on 11,789 applications and a sum of 1,256 crores has been extricated already. Under the banner of this scheme, young entrepreneurs are realizing their dreams as well as altering the image of the state, the official stated.
