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Interest Sop For SHGs

Bhubaneswar: Chief Minister Naveen Patnaik on Monday launched distribution of interest subvention benefits for the first two quarters of financial year 2022-23 worth Rs.125 crore to more than 2,50,000 self- help groups (SHGs).

The interest subvention benefits of Rs 125 crore for the first two quarters of the current 2022-23 financial year was extended directly to SHG accounts through a technology platform.

As part of the launch, the Chief Minister handed over cheques to members of five Mission Shakti SHGs, who were present at the programme at the Lok Seva Bhavan here. Members of many self-help groups from various districts joined the programme through video conference.

On this occasion, Shri Patnaik said for his government, women’s empowerment is not a slogan, but a non-negotiable code. Launched in 2001, Mission Shakti has helped transform the landscape of women’s empowerment and autonomy in the state, he said.

Under the programme, a total interest amount of Rs 125 crore on loans taken by the SHGs will be reimbursed.  Shri Patnaik also lauded steps taken by women in different businesses and productive activities.

Noting that women are now playing a major role in the decision-making process, the Chief Minister said they have the responsibility to transform Odisha and ensure overall development in the state.

To nurture entrepreneurship among women, during the Make in Odisha Conclave 2022, the Chief Minister had announced a revolving fund of Rs. 1 crore for all District Level Federations, Revolving Fund of Rs.50 lakh for all Block Level Federations, office building with market complex for all panchayat level federations and establishment of Micro & Mini Industrial parks in all 30 districts.

Stating that he wants to see transformation of SHGs into SMEs (small and medium enterprises), Patnaik said his Government has also increased the interest subvention benefit on SHG loans from Rs.3 lakh to Rs.5 lakh making it 0 percent effective annual rate of interest under Mission Shakti loan -state interest subvention scheme w.e.f. April, 2022.

Over the next five years, Mission Shakti has provisioned to distribute loans to the tune of Rs 50,000 crore and provide interest subvention benefits amounting to Rs.1200 crore to the SHGs, Patnaik said.

With institutional finance, Mission Shakti SHGs have been able to own and operate women-led enterprises thereby significantly contributing to local economies. Over the last five years, around 4 lakh SHGs have been credit linked with loans amounting to Rs.17,000 crore, he pointed out.

The Chief Minister has also virtually inaugurated the District Level Federation building of Jajpur district – the first of its kind.

To provide a greater platform to SHG members, a state-of-the-art Mission Shakti Bhawan equipped with a sales outlet, computer training centre, sewing machine training centre and a training cum multipurpose theatre have been provisioned.

The Chief Minister has approved the construction of District Mission shakti Bhawan in each district at a budgetary allocation of Rs. 1 crore per Bhawan.Mission Shakti is unlocking doors to innovative opportunities for women and taking up diversified initiatives to steer the women collectives towards achieving economic independence with dignified employment and having a unique identity.