Revolutionary Step: Naveen Increases Zero Interest Loans up to Rs 5 Lakh from Rs 3 Lakh for Mission Shakti SHGs

Bhubaneswar: With an aim to bring a major change in the ongoing Mission Shakti programme for women, Chief Minister Naveen Patnaik on Tuesday announced zero interest loans up to Rs 5 lakh for self-help groups (SHGs) in the State.

The new loan system will be implemented from April 1, 2022. Earlier, the loans up to Rs 3 lakh were disbursed to SHGs without interest.

Describing it as a revolutionary step, the Chief Minister said that the Mission Shakti members can establish themselves SME or Small and Medium Enterprises from SHG and millions of women can start big business with loans.

The Chief Minister said that women are an important part in the transformation of Odisha. Today’s decision will play a major role in empowering them and promoting the local economy, he added.

Stating that aim of the State Government to make Mission Shakti members as small and medium entrepreneurs, the Chief Minister said that a program has been adopted to provide loans of about Rs 50,000 crore to Mission Shakti groups in the next 5 years. He hoped that the members of Mission Shakti would be able to establish themselves as successful entrepreneurs.

As per promise, the State Government has provided Rs 4000 crore business to Mission Shakti members in the last 3 years. In addition, over 17 thousand crore rupees have been provided to Mission Shakti SHGs in the last 5 years, he said.

Explaining Mission Shakti as an innovative initiative towards women empowerment, the Chief Minister said that it has brought together 70 lakh women of the state through 6 lakh Self Help Groups.

To take the movement further, his government has set up a special Mission Shakti Department and all SHG programs are being implemented through this department, the CM added.

Notably, Mission Shakti Department was established on June 1, 2020, and all the SGH programs of the state were brought under one department.