The Assam government has unveiled the “Lakhpati Baideo” program, aimed at empowering 40 lakh self-help group (SHG) workers to evolve into rural micro-entrepreneurs.
Announcement by Chief Minister
Assam Chief Minister Himanta Biswa Sarma announced this ambitious scheme, offering ₹35,000 in financial assistance to 40 lakh women, with the overarching goal of enabling them to achieve an annual income of ₹1 lakh.
Alignment with Prime Minister’s Vision
Chief Minister Sarma emphasized that the initiative aligns with Prime Minister Narendra Modi’s vision to empower two crore ‘Lakhpati didis’ (wealthy sisters).
Implementation Details: “Mukhya Mantri Mahila Udyamita Abhiyan”
Implemented at an estimated cost of ₹4,000 crore, the initiative will provide each SHG worker with ₹10,000 in the first year, followed by ₹12,500 from the government and an additional ₹12,500 as a bank loan over the next two years (totaling ₹25,000). Beneficiaries are required to submit a business plan to access the grant.
Population Control Measures
Chief Minister Sarma highlighted that this welfare scheme will be linked to population control measures, benefiting mothers and sisters in Assam.
Eligibility Criteria
To qualify, women must meet three preconditions. Those in the general and OBC categories should have no more than three children, while SC and ST members should have no more than four. Additionally, SHG members must enroll their girl child in school or, if underage, commit to doing so. The third condition requires that trees planted under the Amrit Brikshya Andolan by beneficiaries must be thriving.
Government Initiatives Empowering Women in India
Since women entrepreneurship is in news, it becomes important to throw a light on the government initiatives empowering women in India.
1. Mudra Yojana
- Government program promoting entrepreneurship.
- Focus on women entrepreneurs, offering loans up to ₹10 lakhs without collateral.
- Lower interest rates to encourage business start-ups and expansions.
2. Stand-Up India Scheme
- Aims to promote entrepreneurship among women and marginalized communities.
- Provides bank loans for greenfield business, ensuring participation from SC/ST and women entrepreneurs.
- Loans ranging from ₹10 lakhs to ₹1 crore.
3. Mahila Coir Yojana
- Empowers women through reduced-cost spinning equipment after skill development training.
- Offers a subsidy of up to 75% for coir processing equipment and machinery.
- Available to rural women artisans aged 18 and above.
4. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
- Collaboration between SIDBI and Ministry of MSME.
- Provides collateral-free financing up to ₹200 lakhs.
- Guarantees cover up to 85% for enterprises owned/operated by women.
5. Prime Minister’s Employment Generation Programme (PMEGP)
- Encourages entrepreneurship by offering financial assistance for projects.
- Supports both new and existing enterprises.
6. Udyam Shakti Portal
- Promotes social entrepreneurship with low-cost products and services.
- Assists with business planning, mentorship, and training programs.
- Special allocation for service-based projects.
7. Economic Empowerment of Women Enterprises and Start-up by Women
- Ministry of Skill Development and Entrepreneurs initiative.
- Provides incubation and acceleration programs for female micro-entrepreneurs.
8. Trade-Related Entrepreneurship Assistance and Development (TREAD)
- Aids economic empowerment by providing finance, training, and development.
- NGOs receive a grant for promoting entrepreneurship among women.
Challenges Faced by Women Entrepreneurs
Limited Finance:
- About 90% of female entrepreneurs in India haven’t borrowed from formal financial institutions.
- Women receive credit equal to 27% of their deposits compared to 52% for men.
Access to Professional Networks:
- 49% of women face a lack of professional support due to restricted inclusion in networks.
Family Duties:
- Women juggle home and business responsibilities, impacting efficiency.
Lack of Training:
44% of female entrepreneurs note a lack of structured knowledge and skills as a hindrance to expansion.
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