The Ministry of Rural Development on August 2nd 2024 issued the implementation of the Lakhpati Didi Scheme. The Deendayal Antyodaya Yojana – A National Rural Livelihoods Mission (DAY-NRLM) has been a cornerstone in transforming the lives of women across rural India. One of the standout outcomes of this initiative is the rise of the Lakhpati Didis– a term that signifies women who have achieved an annual income of over Rs 1 Lakh through the support of DAY-NRLM.
DAY-NRLM: A Closer Look
DAY-NRLM, implemented by the Ministry of Rural Development (MoRD), is not just a scheme but a comprehensive program aimed at enhancing rural livelihoods through Self Help Groups (SHGs). As of June 30,2024, the program has mobilized an impressive 10.05 crore women to 90.86 lakh SHGs. This vast network has significantly contributed to the economic upliftment of its members.
The Rise of Lakhpati Didis
The term Lakhpati Didi refers to more than 1 crore SHG members whose annual income exceeds Rs.1 Lakh. This milestone underscores the success of DAY-NRLM in not just organizing rural women but also fostering their economic independence. To support this progress, the Government of India has proposed a substantial increase in the budgetary outlay for DAY-NRLM to Rs.15,047 crores for the Financial Year 2024-2025. This boost is expected to enhance interventions that support livelihoods and women-led development.
Strategic Interventions and Support
Enhanced Livelihood Opportunities:
Business Planning and Support: Potential Lakhpati Didis are being assisted by Community Resource Persons to develop livelihood business plans. This support includes creating linkages for assets, skills, finance, technology, and market access.
Women Enterprise Acceleration Fund: A dedicated fund has been established to aid SHG members in both individual and group enterprises.
Strengthening Convergence:
The program is enhancing its collaboration with other ministries, including those focused on agriculture, animal husbandry, food processing, tribal affairs, and micro, small, and medium enterprises. This convergence helps SHG members access a broader range of benefits and resources.
Access to Credit and Microfinance:
Revolving Fund and Community Investment Fund: SHGs receive funds to create a corpus that facilitates access to loans for various needs.
Bank Linkage: SHGs are facilitated in accessing bank credit at subsidized interest rates. Since 2013-14, SHGs have secured over Rs. 9 lakh crores in bank credit.
Financial Literacy: Training programs are provided on accounting, record-keeping, budgeting, and loan management to enhance financial literacy among SHG members.
Start-up Village Entrepreneurship Programme (SVEP):
This sub-scheme supports SHGs and their families in establishing small enterprises in the non-farm sector. It provides comprehensive support through Community Resource Persons for Enterprise Promotion (CRP-EP), finance through the Community Enterprise Fund (CEF), and mentorship at Block Resource Centres (BRCs).
DAY-NRLM’s comprehensive approach to empowering rural women is yielding impressive results. By increasing budget allocations, supporting business ventures, and enhancing access to financial resources, the program is not only boosting incomes but also fostering a culture of entrepreneurship and self-reliance.
