Odisha to provide loan at 1% interest to SHGs
Good news for the Self help Groups (SHGs) in the state of Odisha, as the current chief minister of Odisha earlier this month announced the most important scheme of lending providing loans for SHGs especially owned by women at the low interest rate of 1%. Owing to this announcement, it is estimated that several thousands of Self Help Groups which are functioning in the state would be benefited of getting loans for low interest rates from nationalized banks in the state.
Analyzing the Financial Aid Provided by Odisha Government
When compared with global countries India ranked as one among the top in the list of having new startups in the country. On accounting that fact, the current central government led by Mr. Narendra Modi keeps offering various beneficiary schemes and plans to boost talented Indian youths to get involved in starting new startups and encouraging them for entrepreneurship. In recent years, there have been so many new plans and financial help are offered by the both central and state government across the nation in order to boost the entrepreneurship among the Indian youths.
|S.No||Things Need to Know about the Loan Scheme for SHGs||Detailed Information|
|1||SHGs||Self Help Groups|
|2||State government which Low interest Loan for SHGs||Odisha|
|3||Who launched this Loan scheme for SHGs||Chief Minister of Odisha Mr. Naveen Patnaik|
|4||At What Interest rate loans are offered to SHGs||1 %|
|Estimated numbers of women Self Help Groups in the state eligible to avail this financial help||More than 1,00,000 SHGs|
|5||Maximum Amount provided under this subsided Loan Scheme||Rs. 3,00,000|
As the part of the nationwide campaign, experts from the state of Odisha suggest that this low interested loan scheme for Odisha based women Self Help Groups might be introduced. However, the impact behalf of this financial help would surely benefited for the women who involved in such SHGs and it surely encourage women across the state to get involved in such activities and this will assures the growth the women empowerment in the state.
Benefits of Encouraging Entrepreneurship
One might think that getting employed in certain reputed MNC firms would make their life secure however, when analysis with the national economics it will be a slow loss as majority of the nation’s MNC firms are from abroad their incomes would eventually boost the growth of the respective nation’s rather than boosting India’s growth.
- India currently one of the promising developing countries in the world facing inevitable threat of growing unemployment ratio, even several developed countries too facing such problems.
- Encouraging entrepreneurship among the talented youths of India would surely reduce the unemployment problem also it will boost countries economics as it would be functioning based on India’s.
- Entrepreneurship would give confidence among the talented youths and gives them freedom to act to their thoughts. This will brings more innovative thoughts and approach to unresolved many problems in the society.
Current ruling NDA government initiated several plans and schemes to boost the number of startups across the nation. Self Help Groups (SHGs), one of the amendments of startups where it contains small number of members who works jointly and handles the earning by their own. Each and every states of India has such groups which plays a vital impact on the economic growth of both state and nation.
Women Self Help Groups In Odisha
The announcement from the Odisha state chief minister Mr. Naveen Patnaik would encourage women empowerment in the state by boosting them to get involved in Women SHGs. Few years back, the state government of Odisha started Mission Shakti Program in order to identify and encourage the potential women in the state to get involved in the self-employment activities from the rural areas. The program have provided great results and offered a silent revolution in the state of Odisha by making women from the rural areas from the state to get involved in the earning activities that makes them to be act as the agents who changes the socio-economic status.
It is estimated that more than 1,00,000 women Self Help Groups which are functioning across the state would able to avail this financial help of getting low interested loans from government bodies. And the most appreciated part is that the identified woman SHGs in the state of Odisha has been spread in all districts of the state that ensures of getting eventual growth in all districts of the state.
While addressing this loan scheme, the chief minister of Odisha Mr. Naveen exclaimed that the SHGs which are comprising with physically challenged women, women from the minority groups like SC, ST and also the poor families / BPL (Below Poverty Line) families are eligible to avail this financial help. He also added that in the district of Mayurbhanj around 8000 SHGs are selected as the eligible groups to avail this financial help from state/central government financial bodies
Details about Loan offered by State Government of Odisha
- The chief minister of Odisha Mr. Naveen Patnaik announced earlier this November about getting low interested loans by women SHGs in the state.
- Under this scheme, women Self Help Groups across the state of Odisha can able to avail loan amount with the maximum limit of 3 lakhs with the low interest rate of 1%
- However, there’s no limit for availing loans for normal interest rates for those selected and non-selected women Self Help Groups which are active in the state of Odisha.
- It is noted that the selected women SHGs groups are active and earning its profits for the at-least a year and having the minimum balance of Rs. 5,000 in the respective bank account.
- Also, the chief minister of Odisha Mr. Naveen Patnaik urges Panchayat Raj administration to act vigorously on teaching and improving the skills of women in the SHGs groups. Since, they are the upcoming agents who are responsible to boost the socio-economic growth of the state.
- The chief minister of Odisha Mr. Patnaik promises on providing sufficient funds and latest equipments (with the minimum of 20 numbers) for women SHGs and Panchayat Raj department in order to get the members of SHGs trained.
Moment of Addressing
The announcement of this scheme of offering loans for low interest rates for women Self Help Group came during a foundation function held in Jaipur district. The foundation functions is help in order to inaugurate several beneficiary schemes to the state resident also the chief minister Mr. Naveen attended the stone foundation ceremony of constructing government medical college in the Keonjhar district of Odisha. The government medical college is planned to construct in the district of Keonjhar at the budget of Rs. 300 crores.
During the function, the CM of Odisha Mr. Naveen exclaims that the current government led by him willing to offer any kind of schemes and plans in order to improve the women empowerment in the state. Also he added the state government taken effective steps on providing ration cards and land owing records in the name of women who can act as the representative of a family.
In addition to that, Mr. Patnaik added that his government offers low interested loan for farmers across the state. The loans will be offered to farmers with the interest rate of 1%, by doing so the state agriculture will be in protective hands and it will boost farmers to get involved in the agricultural activities without any finance problem.
The announcement from the Chief Minister of Odisha Mr. Naveen have raised several eyebrows across the nation, the experts from the state conveyed their positive thoughts as this financial helps would boost the state economic growth and it encourage women to get involved in the earning activities by joining Self Help Groups