The Stand-Up India scheme, launched in 2016 by the Ministry of Finance, has sanctioned loans worth INR 40,710 crore to 1.8 lakh entrepreneurs belonging to marginalized communities, according to an announcement made on April 5, 2023. The scheme aims to provide bank loans ranging from INR 10 lakh to INR 1 crore to entrepreneurs from scheduled castes, scheduled tribes, and women to set up their own greenfield enterprises.
The Stand-Up Mitra portal, operated by the ministry, helps these entrepreneurs access a network of over 8,000 hand-holding agencies for mentorship, fundraising, and upskilling to scale their ventures. The ministry has been promoting startups through various measures, including the Startup India scheme and the fund of funds for startups. However, the Indian startup ecosystem is currently facing the impact of the funding winter, with Indian startups raising $3 billion in the first quarter of 2023, a 75% decline from the $12 billion raised a year ago.
The Indian startup ecosystem has seen significant growth in recent years, with the number of DPIIT-recognised startups increasing from 452 in 2016 to 84,012 in December 2022, and 108 unicorns currently operating in the country. However, the ecosystem is currently experiencing the impact of the funding winter, with Indian startups raising only $3 billion in the first quarter of 2023, which is a decline of 75% from the $12 billion raised in the same period a year ago, according to Ind42 data.