Prime Minister Narendra Modi on Tuesday launched the 'Start Up India' initiative aimed at boosting entrepreneurship in India. Finance Minister Arun Jaitley was also present at the event held in Noida.

PM Narendra Modi launches 'Stand up India' initiative in Noida. pic.twitter.com/xQBHV9td9y — ANI UP (@ANINewsUP) April 5, 2016

The Stand Up India initiative will promote entrepreneurship among women, SC & ST communities. It is expected to benefit a large number of such entrepreneurs, as it is intended to facilitate at least two such projects per bank branch (Scheduled Commercial Bank) on an average one for each category of an entrepreneur.

The scheme was launched in the presence of Uttar Pradesh Governor Ram Naik, Union Minister for Culture and Tourism and Union Minister of State for Finance among others.

Arun Jaitley said, "Through Stand Up India initiative, we intend to encourage entrepreneurship among woman and SC and STs."

Through Stand Up India initiative, we intend to encourage entrepreneurship among woman and SC and STs- Arun Jaitley pic.twitter.com/lDBnIhG9HP April 5, 2016

Speaking at the event, PM Modi paid tribute to Babu Jagjivan Ram, who served the nation for years. He even said that his vision for 'Stand Up India' is to give opportunities to Dalit and poor people to being reforms in India.

Dalits & poor people if given an opportunity can bring in various reforms in the country. Thats my vision for Stand up India: PM Modi — ANI (@ANI_news) April 5, 2016

Through 'Stand Up India' initiative, we intend to turn job seekers into job creators, said Modi.

Through 'Stand Up India' initiative, we intend to turn job seekers into job creators- PM Modi pic.twitter.com/fzYm75NErF — ANI (@ANI_news) April 5, 2016

'Stand up India' aims to empower every Indian and enable them to stand on their own feet: PM @narendramodi https://t.co/Iy8hu3vQmx — PMO India (@PMOIndia) April 5, 2016

PM Modi also flagged off 5100 e-rickshaws under MUDRA Yojana and interacted with beneficiaries, besides inaugurating a Kaushal Vikas Kendra in Noida.

The overall intent of the proposal is to leverage the institutional credit structure to reach out to these undeserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and Women borrowers. The initiative will also develop synergies with ongoing schemes of other departments.

The process would be led by the Small Industries Development Bank of India (SIDBI) with involvement of the Dalit Indian Chamber of Commerce and Industry (DICCI) and various sector-specific institutions across the country.

The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres (SUCC).

(With Inputs from ANI)