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All you need to know about PM Modi’s startup scheme for SC, ST and women

Startup India is a national campaign aimed at boosting the spirit of entrepreneurship in the country. According to the government of India, a startup is an entity that is in business for less than 7 years, has a turnover of less than 25 crores and is headquartered in India. The government has made an action plan that is aimed at encouraging bank financing for startup ventures and encourage startups with job creation. It is focused on removing the hurdles that come in the way of creating a developed startup. The scheme was announced by the prime minister on his 15 August address from the Red Fort. The government wishes to make home grown startups that will put India on the global map and provide employment for millions of unemployed in the land.

The scheme is an encouraging one and with additional incentives for the lower caste which include SC and ST. During an event promotion of April 5 the subsequent year, the prime minister launched additional benefits for backward caste and also provided new horizons of growth for the women in the country. with the announcement of the clause, the government has found a way to capture the manpower of the backward castes and found a legitimate way to get the benefit of their manpower. The people of such backward castes and women by facilitating loans from 10 lakhs to 1 crore. The rate of interest that would be charged on such loans will also be lower than the regular rates and this will further be of essential help. During the address, the PM emphasized that Stand up India aims to empower every Indian and wishes that every person in the country cans stand on its feet and has a livelihood that can ensure him a stable life. He said, “The job seekers of today are going to be the job creators of tomorrow.” He also said that the beneficiaries of this will be the poor and will also help to capture the heart of the women population whose potential is untapped and this will help them to come out and explore the benefits that come with these schemes. This initiative will shift the attention towards the yet untapped women population and the backward caste and improve their inclusivity in the elite sections of the society and India a much more developed and efficient nation with all sections of the society contributing to its development.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

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