Udyogini was introduced by the World Bank in 1992 as a campaign for the economic empowerment of Indian women. They initially acted as a service provider, supplying NGOs and government agencies with technical assistance and resources.
Udyogini was introduced by the World Bank in 1992 as a campaign for the economic empowerment of Indian women.
They initially acted as a service provider, supplying NGOs and government agencies with technical assistance and resources. An initiative spearheaded by Ms. Ela Bhatt, founding member of the Self-Employed Women’s Association (SEWA).
After 20 years, they have grown into the organization they are today. They are experts in job creation, and entrepreneurship, and have improved the quality of life for thousands of rural residents across many sectors. The youth has been given a voice, a chance to make a difference and to change their own lives. Their efforts have made a positive difference to more than 200,000 people.
Their operations are currently spread across five states – including Chhattisgarh. Madhya Pradesh. Uttarakhand, Jharkhand, and Rajasthan. In lieu of this scheme, more than 50,000 women and youth are working for multiple MSMEs today.
There are several banks and NBFCs that offer the Udyogini Scheme, including Karnataka State Women’s Development Corporation (KSWDC), Punjab and Sind Bank, and Saraswat Bank, as well as several other private and public sector banks.
Women entrepreneurs from marginalized areas of the country will be able to benefit from this program via low-interest loans. This program offers monetary assistance to women who want to become entrepreneurs, self-sufficient, and financially independent.
Applicants under the age of 55 who are aspiring women entrepreneurs are eligible for this scheme. The applicant’s annual income must not exceed 1.5 lakhs.
By implementing the Udyogini program, the goal is to enhance women’s entrepreneurial capabilities through customized loans offered in rural or less developed parts of India.
The steps involved in such a scheme are as follows:
Every financial institution has different loan repayment terms and interest rates. A few example terms are given below:
Sum of loan:
Calculated Interest: 9.65% onwards (Working Capital Loan)
Lending Types: Working Capital Loans and Term Loans
Size of loan: Based on requirements
Service fee: Nil
Margin: Nil up to Rs. 25,000
Security: Nil up to Rs. 25,000
Please follow these steps:
By fostering the understanding of women’s entrepreneurship among the poor and underprivileged, Udyogini Scheme has had success in bringing about significant changes within the business community. The growth of women’s entrepreneurship has been aided by financial assistance provided to them. Also, this scheme has helped elderly women living in rural and backward areas, who would otherwise have difficulty finding work. Udyogini scheme has been of great help in augmenting individual and family incomes as well as contributing to the overall development of the country.
Other similar MSME schemes have played a significant role in the development of this country, as well as in creating a multitude of employment opportunities. Increasingly important to the country’s economic growth, they are now widely recognized. Its progress is primarily the result of industrialization and advancing rural backward areas throughout the country. As a result of the rapid growth of SSIs and MSMEs in India, the country’s economy has taken a major leap forward.
Through many such efforts, financial access has been facilitated for the poor. As a result, they have made real the hopes and dreams of many people to own their own businesses. It has not only encouraged the less fortunate but also made sure that a developing country like ours gets the global recognition that it deserves.