Government of India launched ‘Stand Up India’ scheme to promote entrepreneurship at grass root level for economic empowerment of SCs/STs and Women Beneficiaries.
Under the Stand-Up India scheme bank loans of above Rs.10.00 lakh to Rs.100.00 lakh are provided to Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and woman borrowers for setting up a greenfield enterprise.
MUDRA Loan Scheme aims to increase the confidence of the aspiring young person to become first generation entrepreneurs as also of existing small businesses to expand their activities. To boost bank finance to Micro Enterprises segment on a mission mode, on 08-04-2015 Pradhan Mantri MUDRA Yojana (PMMY) was launched by the Honorable Prime Minister. The main objective of the scheme is to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them. This segment mainly consists of non-farm enterprises engaged in manufacturing, trading and services whose credit needs are below ₹ 10.00 lakh.
The Kisan Credit Card (KCC) scheme was introduced in 1998 for issuing of Kisan Credit Cards to farmers on the basis of their holdings so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs.
The Prime Minister’s Employment Generation Programme (PMEGP) Scheme was introduced by Government of India with the following objectives:
- To generate employment opportunities in rural as well as urban areas of the country through setting up of new self-employment ventures/projects/micro enterprises.
- To bring together widely dispersed traditional artisans/ rural and urban unemployed youth and give them self-employment opportunities to the extent possible, at their place.
- To provide continuous and sustainable employment to a large segment of traditional and prospective artisans and rural and urban unemployed youth in the country, so as to help arrest migration of rural youth to urban areas.
- To increase the wage earning capacity of artisans and contribute to increase in the growth rate of rural and urban employment.
Government of India, Ministry of Finance rolled out Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme and Pradhan Mantri Suraksha Bima Yojana (PMSBY) from June 1st, 2015. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme offers life insurance worth Rs 2 lakhs at Rs 330 per annum premium while Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers accident insurance worth Rs 2 lakhs at Rs 12 per annum premium.
Government of India, Ministry of Finance has launched Atal Pension Yojana (APY) on May 9,2015. The scheme, is an universal social security measure specially for the poor and the under-privileged, which will provide a defined pension, depending on the contribution, and its period to its subscribers. The APY is focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).
The Government of India, Ministry of Housing and Urban Poverty Alleviation (MoHUPA), restructured the erstwhile Swarna Jayanti Shahari Rozgar Yojana (SJSRY) and launched the National Urban Livelihoods Mission (NULM) in 2013. The Scheme is under implementation in all district headquarters (irrespective of population) and all the cities with population of 1 lakh or more. The Self Employment Program (SEP) of NULM focuses on providing financial assistance through provision of interest subsidy on loans to support establishment of Individual & Group Enterprises and Self-Help Groups (SHGs) of urban poor.
The erstwhile Rural Employment Generation Scheme like Swarnajeyanthi Gram Swarozgar Yojana (SGSY) was merged under National Rural Livelihood Mission (MRLM) during 2013 and the scheme was further renamed as DAY-NRLM (Deendayal Antyodaya Yojana - National Rural Livelihoods Mission) w.e.f. March 29, 2016 and is the flagship program of Govt. of India for promoting poverty reduction through building strong institutions of the poor, particularly women, and enabling these institutions to access a range of financial services and livelihoods services.