Odisha to offer Rs 5 lakh interest-free loans for women SHGs from April

Odisha CM Naveen Patnaik has announced his government would increase the upper limit for interest-free loans provided to SHG members from Rs 3 lakh to Rs 5 lakh from April next year

Odisha Chief Minister Naveen Patnaik, in a bid to boost the state's 'Mission Shakti' scheme, has announced that his government would hike the upper limit for interest-free loan provided to self-help group members from Rs 3 lakh to Rs 5 lakh, starting April next year.

Describing the move as "revolutionary, Patnaik on Tuesday said women can now set up small and medium enterprises (SMEs) or even launch big businesses.

The Mission Shakti movement in Odisha seeks to empower women self help groups (WSHGs) by encouraging the members to take up various socio-economic activities.

Noting that women have always been a driving force for transformation of Odisha, Patnaik said that this new decision will also promote local economy.

 

Odisha has six lakh WSHGs, with 70 lakh women as members

An official release issued by Patnaik's office said that the state government provided over Rs 17,000 crore as loans to Mission Shakti SHGs in the last 5 years.