Prime Minister Narendra Modi on Tuesday launched the Stand-up India scheme, which promises to ensure that 1.25 lakh bank branches will provide loans up to Rs 1 crore to SC/ST and women entrepreneurs.
Modi flagged also flagged off 5,100 e-rickshaws at a function, organised to mark birth anniversary of Dalit leader and former Deputy Prime Minister Babu Jagjivan Ram.
Speaking at the event, in Delhi’s adjacent city Noida in Uttar Pradesh, Modi said that the new initiative will help create 2.5 lakh entrepreneurs throughout the country as every bank branch will now be required to provide two such loans ranging from Rs 10 lakh to Rs 1 crore without collateral for setting up a new enterprise.
PTI quoted him as saying that it was not possible for the government to provide jobs to everyone.
Modi said that the scheme will convert “job-seekers into job-creators…This scheme is going to transform the lives of people from dalit and tribal communities.”
Stand up India, he said, aims to empower every Indian and enable them to stand on their own feet.
The scheme was announced by Modi in his Independence Day address.
Modi also took a dig at the Congress by pointing out that no previous government had organised any function on the birth anniversary of Jagjivan Ram, who as agriculture minister did a lot to usher the green revolution and was defence minister at the time of 1971 war.
“It is unfortunate that contribution of such people is being ignored,” he said.
Speaking at the function, Finance Minister Arun Jaitley said his ministry, which is usually associated with big business houses, in the last two years has tried to work for the betterment of the poor people.
He recalled various schemes of the government like Jan Dhan Yojana, insurance and pension and MUDRA Yojana to promote financial inclusion with the view to empower the poor.