Nation Current Affairs 24 Feb 2018 Chittoor district le ...

Chittoor district leads in Stand Up India

DECCAN CHRONICLE. | KIRAN REDDY ALTHURU
Published Feb 24, 2018, 8:14 am IST
Updated Feb 24, 2018, 8:14 am IST
Chittoor district is showing its lead in Stand Up India scheme that facilitates obtaining bank loans.
Chittoor district is showing its lead in Stand Up India scheme that facilitates obtaining bank loans between 10 lakh and 1 crore rupees by at least Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.
 Chittoor district is showing its lead in Stand Up India scheme that facilitates obtaining bank loans between 10 lakh and 1 crore rupees by at least Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.

TIRUPATI: Chittoor district is showing its lead in Stand Up India scheme that facilitates obtaining bank loans between 10 lakh and 1 crore rupees by at least Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. The administration of Chittoor district has allotted more than 520 vehicles including cars and JCB machines worth about Rs 100 crore.

Loans given under Stand-Up India may be used in manufacturing, services or trading sector. In case of non-individual enterprises, at least 51 per cent of the shareholding and controlling stake should be held by either an SC/ST or woman entrepreneur. The Chittoor district has delivered 520 units (vehicles) while more than 98 applications are under process that will be delivered by next month. Krishna district stands second having delivered 367 units and number of files under process is two.

 

Visakhapatnam takes third position with 354 units and eight units under process. Chittoor district is likely to touch the 600 units mark by next month. Vijayanagaram takes the bottom place having delivered only 74 units. The next two bottom positions are occupied by Srikakulam and Kadapa districts that have handed 81 and 94 units to beneficiaries respectively.

Chittoor district collector P.S. Pradyumna is very keen on making the scheme a success and holding video conferences with the concerned authorities at least twice a week. Banks are also giving loan in less than a month. The beneficiary can get loan without collateral security. Speaking to DC, Mr Pradyumna said, "We are working hard to create more opportunities to the poor. This scheme is to encourage more entrepreneurs. The beneficiaries are really happy with the scheme. A car similar to the one that I am using is supplied to the beneficiaries."

 

M. Bhaskar Babu, a beneficiary from Gopal Raju Colony of Tirupati said, "I worked as a driver for the last few years. Now I have become an entrepreneur with my own car worth Rs 16.81 lakh for which the subsidy is Rs 5.25 lakh. I have faced many difficulties with my low salary as a driver. Now I can earn at least Rs 30,000 per month, which helps me pay the school and college fees for my children. I'm thankful to the collector for making the process so easy."

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