Odisha CM distributes interest subvention of Rs 125cr to 2.50 lakh SHGs - Bhubaneswar News

On this occasion, Patnaik said that 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.

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 and mini industrial parks in all 30 districts.

Stating that he want 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 per cent effective annual rate of interest under Mission Shakti loan -state interest subvention scheme w.e.f. April, 2022.

Committed to the above cause, the state government disbursed interest subvention benefits for the first two quarters of 2022-23 to more than 2,50,000 SHGs on Monday.

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 1,200 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.