India News | Women SHGs NPA Just 2.1 Pc, Businesses Can Learn Financial Management from Them: Giriraj Singh
Get latest articles and stories on India at LatestLY. With just 2.1 per cent NPAs reported by women self-help groups (SHGs), businesses can learn financial management from these women hailing from villages, Union Minister Giriraj Singh said on Friday.
New Delhi, Nov 18 (PTI) With just 2.1 per cent NPAs reported by women self-help groups (SHGs), businesses can learn financial management from these women hailing from villages, Union Minister Giriraj Singh said on Friday.
Inaugurating the Saras Aajeevika Mela at Pragati Maidan here, the Union Minister for Rural Development and Panchayati Raj said the government is taking all necessary steps to market and provide platforms to women SHGs for selling their products.
"After Prime Minister Narendra Modi came to power in 2014, the central government has injected confidence and energy in our sisters of women SHGs. The government has linked them with e-commerce platforms like Amazon and Flipkart," Singh said.
In 2014, there were 2.35 crore women in SHGs, now the number has jumped to 8.7 crore, Singh said, adding that the aim is to connect 10 crore women with these groups and assist them that they can earn at least Rs 1 lakh per annum.
"Before 2014 they were given a credit of Rs 80,000 crore by banks and the women SHGs NPA was 9.58 per cent but now they have got a credit of Rs 5.7 lakh crore and NPA has declined to 2.1 per cent and will take it further down to one per cent. I don't want to name sectors but businesses can learn financial management from our sisters," Singh said.
The gross non-performing asset (NPA) ratio of banks fell to a six-year low of 5.9 per cent in March 2022, according to the Reserve Bank of India (RBI). The net non-performing assets (NNPA) ratio fell to 1.7 per cent in March 2022.
As of March this year NPAs from the Industry sector were 8.4 per cent, services 5.8 per cent and Agriculture 9.4 per cent.
He further said in the coming days these women will not only contribute to their household income but would be a crucial contributor in making India a USD 5 trillion economy.
Saras Ajeevika Mela, a national-level fair of Indian art and craft with a focus on women's self-help groups (SHGs) and women entrepreneurs.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)