Odisha: CM disburses interest subvention benefits worth Rs 125 crore to over 2.5 lakh SHGs


Bhubaneawar, January 9: Chief Minister Naveen Patnaik on Monday disbursed interest subvention benefits for the first two quarters of FY 2022-23 worth Rs 125 crore to more than 2,50,000 SHGs.

“Over the next five years, Mission Shakti has provisioned to provide interest subvention benefits amounting to Rs 1,200 cr to SHGs. This was done through the technology platform directly to SHG accounts,” said Patnaik in an event organised at the Lokseva Bhawan here.

Around 400 SHG and federation leaders, including thousands of SHGs leaders connected virtually from across 314 blocks and 30 districts, all Controlling heads of banks encouraging them to embark on the transformational journey of SHGs to SMEs attended the event.

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.

The increase in interest subvention benefit will certainly boost the credit flow to SHGs, increase the average loan size and reduce the NPA position. Over the next five years, funds amounting to Rs 50,000 crore are targeted to be disbursed to SHGs across the state.

On this occasion, the Chief Minister 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 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.

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