Assam is making significant strides in women empowerment and entrepreneurship, thanks to a new collaboration between the state government and the North Eastern Development Finance Corporation Ltd (NEDFi). Chief Minister Himanta Biswa Sarma has called for an enhanced partnership with NEDFi to expand business opportunities for women through micro lending initiatives. Here’s a closer look at how this partnership is set to transform the entrepreneurial landscape in Assam.
Assam’s Vision for Women Empowerment
Assam Chief Minister Himanta Biswa Sarma has championed the cause of women entrepreneurship through the Mukhyamantri Mahila Udyamita Scheme. This initiative is designed to provide crucial funding and support to women entrepreneurs in the region, helping them overcome barriers and achieve business success.
Key Highlights of the Mukhyamantri Mahila Udyamita Scheme
- Phase I Funding: Women entrepreneurs will receive an initial amount of Rs 10,000.
- Phase II Funding: Successful entrepreneurs will get Rs 25,000, split into Rs 12,500 as a bank loan and the remaining amount as a grant from the state government.
- NEDFi’s Role: Chief Minister Sarma has urged NEDFi to align with the state government to provide these crucial loan amounts and support.
NEDFi’s Contribution to Micro Lending
During NEDFi’s 29th foundation day celebrations, Chief Minister Sarma acknowledged the organisation’s significant role in supporting micro, small, and medium enterprises (MSMEs) in the northeast. NEDFi’s micro lending scheme, which launched in 2022, has already made a substantial impact.
Achievements of NEDFi’s Micro Lending Scheme
- Beneficiaries: 10,891 entrepreneurs have received support through this initiative.
- Focus Areas: The scheme has facilitated numerous industrial and infrastructure projects in the region.
Empowering Women Through Micro Lending
The partnership between Assam and NEDFi focuses on expanding the reach of micro lending to women entrepreneurs. This collaboration is not just about financial support but also about providing business opportunities and fostering an inclusive economic environment.
Benefits of Micro Lending for Women Entrepreneurs
- Access to Capital: Micro loans provide essential capital for women to start or grow their businesses.
- Business Development: Financial support is coupled with resources to help women entrepreneurs develop their business skills.
- Economic Growth: Empowering women entrepreneurs contributes to the overall economic development of the region.
Introducing the Digital Mobile App
As part of the initiative, Chief Minister Sarma also launched a digital mobile app for the NEDFi Micro Lending Scheme. This app aims to streamline the application process and make it easier for women entrepreneurs to access funding and resources.
Features of the Digital Mobile App
- User-Friendly Interface: Designed to be intuitive and accessible for all users.
- Application Tracking: Allows applicants to monitor the status of their loan applications.
- Resource Access: Provides information and resources to help entrepreneurs succeed.
The Impact of Collaboration on Assam’s Economy
The partnership between Assam and NEDFi is poised to make a significant impact on the state’s economy. By empowering women entrepreneurs through targeted micro lending and support, this collaboration addresses key barriers and promotes sustainable economic growth.
Economic and Social Benefits
- Job Creation: Supporting women entrepreneurs can lead to job creation and economic diversification.
- Community Development: Successful businesses contribute to community development and local prosperity.
- Gender Equality: This initiative promotes gender equality in the entrepreneurial landscape.
Conclusion
Assam’s strategic partnership with NEDFi represents a significant step forward in empowering women entrepreneurs through micro lending. The Mukhyamantri Mahila Udyamita Scheme, combined with NEDFi’s support and the new digital mobile app, is set to transform the entrepreneurial environment in Assam. This collaboration not only provides crucial financial support but also fosters an inclusive and dynamic business ecosystem.
The commitment of Chief Minister Himanta Biswa Sarma and NEDFi to advancing women’s entrepreneurship underscores the importance of targeted support and collaboration in driving economic and social progress.
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