Union Budget 2024: What is 'Stand-Up India II' scheme?
Big update coming in the February 1 Union Budget—Stand-Up India II is set to launch, aiming to make life easier for small business founders.
The scheme will now let first-time entrepreneurs, especially women and people from SC/ST communities, borrow up to ₹2 crore instead of the earlier ₹1 crore.
It's all about giving young businesses a better shot at growth and creating more jobs.
How Stand-Up India II helps new businesses
This revamped scheme tackles a common problem: early-stage companies struggling to get enough funding.
By letting banks offer bigger loans for new projects in manufacturing, services, trading, and allied sectors, it helps early-stage firms move from small beginnings to something bigger.
The original Stand-Up India (since 2016) already boosted participation; this upgrade hopes to drive even more investment in technology, capacity expansion, and working capital so entrepreneurs across India can thrive.