Centre plans skills for loans in financial inclusion schemes
₹25.51 trillion up to 6 October 2023. Stand Up India, launched on 5 April 2016, has sanctioned loans amounting to ₹47,073 crore to SC, ST and women borrowers till 24 November 2023.
The PM SVAnidhi scheme, launched on 1 June 2020 to support street vendors affected during the time of covid, has disbursed loans to the tune of ₹9,790 crore in the past four years. In December, Union minister Hardeep Singh Puri informed the Rajya Sabha that loans disbursed to PM SVAnidhi beneficiaries stood at ₹2,039 crore in FY21, ₹1,248 crore in FY22, ₹1,866 crore in FY23 and ₹4,637 crore for FY24 up to 5 December.
PM Vishwakarma is the latest financial inclusion scheme launched last September. The scheme has a ₹13,000 crore outlay over five years up to 2027-28.
With this scheme, the government made disbursal of credit conditional upon beneficiaries attaining specific milestones of training for the first time. As part of bringing the unconnected or those left out from benefits of various financial inclusion schemes of the government, the Centre has launched the Viksit Bharat Sankalp Yatra, which is a countrywide initiative to track the implementation of central government schemes.
The campaign intends to increase the number of beneficiaries under financial inclusion schemes. It also ensures that targeted sections of society are provided with the necessary skill sets that help in better utilization of central funds and in qualitative value addition to the economy.
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