Vishakapatnam: Union Finance Minister Arun Jaitley on Sunday said that the government would launch ‘Stand Up India’ initiative to encourage entrepreneurship among women and people belonging to backward sections of society.
Addressing a gathering at Confederation of Indian Industry Partnership Summit 2016 here, Jaitley said that all the banks in the country would fund one Scheduled Caste (SC), Scheduled Tribe (ST) and woman entrepreneurs under the scheme.
“After ‘Start Up India’, we are going to launch ‘Stand Up India’ and ‘Stand Up India’ is available to only two sections of society-women entrepreneurs and the SC, ST entrepreneurs. So every public sector and private sector bank, each branch in the country has to fund one SC, ST and one woman entrepreneur,” he said.
The scheme will be implemented through 1.25 lakh bank branches in the country.
Around 1,400 delegates, including 350 from 41 countries, are participating in three-day investment summit.
The Andhra Pradesh Chief Minister, N. Chandrababu Naidu, will interact with industrialists and other delegates to find right investment opportunities in his state.
Many memorandums of understanding will be signed during the summit involving for investment in sectors such as manufacturing, infrastructure, Information Technology and tourism, said reports.