The Finance Minister during the Union Budget speech 2014-15 on July 18, 2014, had announced that a sum of 200 crore will be allocated towards credit enhancement facility for young and start-up entrepreneurs, belonging to Scheduled Castes, who aspire to be part of neo middle class category with an objective to encourage entrepreneurship in the lower strata of the society resulting in job creation besides creating confidence in Schedule Castes.
The Sponsoring Agency for the said scheme is Ministry of Social Justice and Empowerment. IFCI being the nodal agency has been entrusted with the responsibility of implementation the scheme.