The recent announcement of the Atmanirbhar Hastshilpkar Scheme has drawn attention to the efforts of the Ministry of Development of North Eastern Region in supporting the Artisans in those areas. This scheme, offering financial assistance in the form of term loans, aims to bolster income generating activities amongst local artisans. The scheme is set to facilitate the modernization of their crafts and other sector-related activities along with addressing their working capital requirements.
Atmanirbhar Hastshilpkar Scheme’s Key Features
A key component of the scheme is its financial provision. The initiative promises to provide term loan assistance for grass root Artisans to engage in income generation activities. These could involve setting up new craft-oriented businesses, modernizing existing techniques, or meeting working capital needs for their trade.
In the recent announcement, credit assistance amounting to Rs 1 lakh each was provided to seventeen artisans. Notably, this credit facility does not require any collateral and offers a subsidized interest rate of 6% p.a., repayable over twenty-four months.
Moreover, the scheme encourages regular loan repayment by providing an incentive of a 1% discount on the interest rate. This will be refunded to the artisans upon successful completion of their loan repayments.
Eligibility Criteria for the Scheme
The Atmanirbhar Hastshilpkar Scheme is open to both registered and unregistered artisans or individuals who practice any art form. A significant criterion is that the applicant should not have any existing loan from any other bank or financial institution.
It is also mandatory for the applicant to have a bank account for the dispensation of the loan amount.
About the Launching Body: North Eastern Development Finance Corporation Ltd. (NEDFi)
The driving force behind the Atmanirbhar Hastshilpkar Scheme is the North Eastern Development Finance Corporation Ltd. (NEDFi). NEDFi has established itself as a leading financial institution in the North-Eastern region.
Having been functional since 1995, the corporation boasts of a period of twenty-six eventful years marked by development initiatives and financial support. Over the years, it has extended loans to over 7500 projects contributing to the growth and development of various sectors in the North-East.
In addition to providing financial assistance, NEDFi has committed itself to numerous development initiatives through its Corporate Social Responsibility (CSR) activities in the eight states of North-East India.
With the introduction of the Atmanirbhar Hastshilpkar Scheme, the NEDFi continues its endeavor to empower the artisans of the North Eastern Region. Supporting local artisans in their income-generating activities, this move can potentially boost the economic health of the region while preserving and promoting its rich artistic traditions.
(Source: PIB)