Women unions, SHGs driving rural economy

  Siddipet: Women union representatives are leading the way in savings movement as they are taking interest-free loans for self-employment.

The members are turning pillars for rural economy as they are switching towards change by enhancing living standards. The members are standing role models for paying loans. A total of 77,000 women in the district had received loans from banks in the current financial year and the number may touch to one lakh soon.

A total of 1.85 lakh women were registered as members in as many as 17,240 Self Help Groups (SHGs).

Officials decided to give Rs 288.49 crores as loans in the current financial year and they reached the target before the deadline. It is learned that more than 98 percent of the members are paying loans within the stipulated time. As a result, the officials are not hesitating to give more loans to them.

Earlier, women used to take loans from private financiers on a heavy interest, as a result, they ended up paying interest money itself.
But after Indira Kranti, a major change was seen in their lives. The women stopped approaching the financiers after banks started providing loans. Interest-free loans became a boon for women as 60 percent of them are investing the money in agriculture and agriculture-related fields.

About 10 percent of women are running grocery stores, ladies’ emporiums, mills and others.

As many as 30 percent of women are using the money for children’s education and health. They are earning Rs 5,000 per month. Good results can be achieved if they are given proper training.

Earlier, representatives of women unions saved Rs 30, now they are saving Rs 150-200 per month and as a result, about 4000 representatives saved Rs 190 crore. 

It is learned that a few more representatives are also planning to save the same amount.

The district is standing top as representatives of all districts are saving Rs 100.

The government has announced to extend a loan of Rs 10 lakh based on seniority in union and payment history. Recently, CM KCR announced to waive off interest money on the principal amount of Rs 10 lakh.

Officials are estimating that they may receive applications in this regard. As a result, a few small-scale industries are going to be set up here.