In a significant move towards fostering women entrepreneurship in rural areas, the Union Finance Minister announced the expansion of the Lakhpati Didi Scheme during her Interim Budget 2024–25 speech. This expansion aims to create opportunities for two crore additional women entrepreneurs, raising the total beneficiaries to three crore.
Lakhpati Didi Scheme Overview
Launched in December 2023, the Lakhpati Didi Scheme aims to empower women in rural areas financially while nurturing their entrepreneurial spirit. Key features of the scheme include targeting women members of existing or newly formed Self-Help Groups (SHGs) in rural areas. These participants must be active members of SHGs and provide necessary documents such as domicile certificate, Aadhar card, ration card, proof of income, and bank details.
Beneficiaries receive interest-free loans of Rs. 5 lakh per SHG to initiate or expand income-generating activities. Additionally, skill development programs tailored to local needs, covering areas like tailoring, food processing, and animal husbandry, are provided. The scheme also facilitates market linkages by connecting SHGs with markets through various channels, including fairs, exhibitions, and digital platforms.
Significance of the Scheme
The expansion of the Lakhpati Didi Scheme holds several significances. Firstly, it aims to increase the income of women, ensuring a sustainable annual income of at least Rs. 1 lakh per household. Secondly, by encouraging women to join SHGs, the scheme promotes financial inclusion, bringing more women into the formal financial system. Thirdly, skill development initiatives empower women entrepreneurs, enhancing their business capabilities. Lastly, the scheme contributes to women empowerment by creating a network of successful women entrepreneurs who can inspire and support others.
Government’s Commitment to Women Empowerment
Union Finance Minister Nirmala Sitharaman, in her budget speech, reiterated the government’s commitment to women’s empowerment. She highlighted various initiatives, including the distribution of Mudra Yojana loans to women entrepreneurs and ensuring their ownership of houses under PM Awas Yojana in rural areas. The government’s focus on uplifting women, along with the expansion of schemes like Lakhpati Didi, signifies a concerted effort towards achieving gender equality and economic empowerment.
Expert Perspectives
Ridhima Kansal, Director at Rosemoore, praised the focus on empowering rural women but highlighted the need for addressing gender disparities in urban areas as well. She emphasized the importance of childcare infrastructure, safe transport, and flexible work setups to support urban working women.
Mamta Shekhawat, Founder of Gradding.com, welcomed the scheme’s expansion, noting its potential to foster women entrepreneurship in the country. She highlighted the success of the SHG model in empowering women and expressed optimism about the scheme’s impact on women’s economic empowerment.
Government’s Achievements and Future Plans
The government highlighted the achievements of the Lakhpati Didi Initiative, with nearly one crore women achieving the status of ‘Lakhpati Didi.’ The mission aims to create an enabling environment for women entrepreneurship through social mobilization, financial inclusion, sustainable livelihoods, and social development.
Moving forward, the government remains committed to furthering women’s empowerment by expanding initiatives like Lakhpati Didi and addressing challenges faced by women entrepreneurs across rural and urban areas.