Rs500-cr fund proposal for women SHGs in cabinet today | delhi | Hindustan Times
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Rs500-cr fund proposal for women SHGs in cabinet today

delhi Updated: Feb 02, 2012 00:28 IST
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Hot on the heels of promising easy loans for women’s self help groups (SHGs) in the Congress manifesto for Uttar Pradesh election, the UPA cabinet will take up a proposal to create a corpus of Rs500 crore for SHGs in its meeting on Thursday.

Finance minister Pranab Mukherjee had proposed in his last general budget that such a fund would be created to promote women SHGs. The union cabinet will finally take up the proposal a month before Mukherjee presents his next general budget.

But the cabinet proposal assumes significance in the backdrop of the assembly polls in UP where the Congress has promised to set up special banks to cater to the needs of SHGs. The party’s manifesto also promises that if returned to power, its government will provide loans at a discounted interest rate of 4%.

The cabinet proposal says the corpus will be handled by NABARD. Anticipating reservation of a section the cabinet about NABARD’s efficiency, senior cabinet ministers on Wednesday called up some key ministers to ensure no hurdles come up in the passage of the proposal. In his budget speech, Mukherjee said:To promote women SHGs, I propose to create a “Women SHG’s development fund” with a corpus of Rs500 crore.

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