The Stree Nidhi Credit Cooperative Federation Limited has unveiled an ambitious annual credit plan for the fiscal year 2024-25, amounting to ₹2,520 crore. This initiative primarily focuses on empowering rural and urban self-help groups (SHGs), promoting financial inclusion, and driving economic growth at the grassroots level. The approved plan allocates significant funding to various sectors, targeting not only SHGs but also marginalized communities such as Scheduled Castes (SC), Scheduled Tribes (ST), and people with disabilities, aiming to enhance their livelihoods through sustainable economic activities.
Allocation of ₹2,520 Crore Credit Plan: Focus on SHGs and Marginalized Communities
The bulk of the credit plan, a substantial ₹1,948 crore, has been designated for rural self-help groups (SHGs). These groups, which play a critical role in fostering financial self-sufficiency among women in rural areas, are the backbone of India’s rural economy. The remaining ₹572 crore will be directed toward urban SHGs, ensuring that women in cities and towns are not left behind in the pursuit of financial empowerment.
To address the specific needs of marginalized communities, ₹781 crore has been earmarked for members belonging to SC, ST, and disabled groups. This move reflects Stree Nidhi’s commitment to inclusivity, recognizing that these groups often face disproportionate economic challenges. By providing financial support, Stree Nidhi aims to alleviate their financial burdens and encourage participation in income-generating activities.
Focus on Livelihood Activities: Dairy, Poultry, and Solar Power Projects
A significant portion of the approved credit plan, ₹210.55 crore, is directed toward supporting livelihood activities, including dairy farming, poultry, and solar power projects. These sectors offer sustainable and reliable income sources for rural communities. By investing in these areas, Stree Nidhi seeks to foster long-term economic stability and create pathways for rural families to achieve financial independence.
Dairy farming, in particular, has proven to be a vital source of income in rural India, offering consistent earnings for small-scale farmers. Similarly, poultry farming is an accessible and profitable livelihood option that can significantly boost rural incomes. The investment in solar power projects reflects a forward-thinking approach to rural development, providing clean and sustainable energy solutions while creating job opportunities for locals.
Minister Danasari Anasuya’s Call for Protecting Communities from Private Lenders
Presiding over the 11th General Body Meeting of Stree Nidhi Credit Cooperative Federation, Panchayat Raj and Rural Development Minister Danasari Anasuya, also known as Seethakka, stressed the importance of protecting community members from the exploitative practices of private lenders and microfinance institutions. She highlighted the need for community-based lending models like Stree Nidhi, which offer fair and affordable credit solutions to SHGs and marginalized groups.
Minister Anasuya also announced plans to allocate land for the establishment of a dedicated office for Stree Nidhi. This development is seen as a critical step in enhancing the operational capabilities of the federation, ensuring better service delivery and greater outreach to SHGs across the state.
Strengthening SHGs: A Key Focus for Rural Development
D.S. Lokesh Kumar, Secretary of Panchayat Raj and Rural Development (PR and RD), emphasized the importance of strengthening SHGs to drive economic growth and social development in rural areas. He pointed out that SHGs serve as crucial instruments for empowering women, particularly in underprivileged communities. By providing access to credit, training, and resources, SHGs help women develop entrepreneurial skills, increase their household incomes, and contribute to the broader economy.
Expansion Plans: Reaching One Crore Members
D. Divya, CEO of the Society for Elimination of Rural Poverty (SERP), expressed optimism about expanding Stree Nidhi’s membership base. Currently, the organization aims to increase its membership to one crore, a move that would further enhance the federation’s impact and outreach. Expanding membership will not only provide more women with access to financial services but will also strengthen the collective bargaining power of SHGs, leading to better economic outcomes for their members.
Financial Performance: Profits and Dividends
The financial year 2022-23 saw Stree Nidhi achieving a notable net profit of ₹135 crore. This success was shared with Mandal and Town Federations, as well as the State government, through a 14% dividend distribution. G. Vidyasagar Reddy, Managing Director of Stree Nidhi, highlighted the significance of this achievement, emphasizing the federation’s commitment to delivering tangible financial benefits to its stakeholders.
The Role of Federations in Stree Nidhi’s Development
Vidyasagar Reddy also stressed the need for associations and federations to take a more proactive role in the organization’s growth and economic development. The collective strength of Mandal and Town Federations has been instrumental in Stree Nidhi’s success, and their continued involvement is essential for driving future growth. By fostering a sense of ownership and participation among these federations, Stree Nidhi can further solidify its role as a key driver of rural economic development.
New Initiatives: The Indira Mahindra Shakti Policy
The General Body Meeting also introduced several new initiatives aimed at enhancing the services provided by Stree Nidhi. Among them is the Indira Mahindra Shakti Policy, which seeks to empower women by offering targeted financial services tailored to their needs. This policy is expected to further bolster the organization’s efforts to provide inclusive and accessible credit solutions to women across the state.
Conclusion: A Bright Future for SHGs and Marginalized Communities
The approval of the ₹2,520 crore annual credit plan by Stree Nidhi Credit Cooperative Federation marks a significant milestone in the organization’s efforts to empower SHGs and marginalized communities. With a strong focus on inclusive growth, livelihood development, and financial empowerment, this plan is set to transform the lives of countless rural and urban women, providing them with the resources they need to build a brighter future. By fostering sustainable economic activities and protecting communities from exploitative lenders, Stree Nidhi continues to play a vital role in promoting financial inclusion and driving economic progress at the grassroots level.
