Budget Briefs:Stand-Up India Scheme extended till 2025

  1. Union Minister has said that the Stand Up India Scheme has been extended up to the year 2025.
  2. Stand-Up India Scheme Facilitates bank loans between  10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe(ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.
  3. This enterprise may be in manufacturing, services or the trading sector. In case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or woman entrepreneur.
  4. The Finance Minister also said that the Government proposes to streamline multiple labour laws into a set of four labour codes which will ensure the standardisation and streamlining of the process of registration and filing of returns.
  5. Finance Minister also said that through the Pradhan Mantri Kaushal Vikas Yojana (PMKVY),the Government has enabled about 10 million youth to take up industry-relevant skills training.
  6. She also added that focus shall be given to new-age skills like Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics which are valued highly both within and outside the country and offer much higher remuneration.
  7. The Finance Minister also said that under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY),the Government contribution to the Pension Scheme has been increased from 8% in 2016-17 to 12% for both Employees Provident Fund and Employees Pension Scheme for all sectors.