What Did FM Sitharaman Discover About Financial Inclusion in Ladakh?
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Synopsis
On June 15, Finance Minister Nirmala Sitharaman visited Ladakh, engaging with local artisans and entrepreneurs at a handicraft exhibition. Her focus is on empowering women and promoting financial inclusion through various initiatives, paving the way for economic development in the region.
Key Takeaways
- Nirmala Sitharaman visited Ladakh to promote financial inclusion.
- She engaged with local artisans and SHGs.
- Over 10.04 crore women have joined SHGs nationwide.
- The PM Mudra Yojana has sanctioned over 52 crore loans.
- 70 percent of Mudra loans are availed by women entrepreneurs.
Leh, June 15 (NationPress) The Finance Minister, Nirmala Sitharaman, made a significant visit to an exhibition showcasing local handicrafts and handloom products created by Self Help Groups (SHGs) and local entrepreneurs from the Ladakh region on Sunday.
During her visit, she engaged with artisans, women-led SHGs, and local business owners, learning about their traditional crafts, handloom textiles, and sustainable innovations displayed at their stalls.
She praised the entrepreneurial spirit and creativity of these artisans, emphasizing their essential role in preserving cultural heritage and enhancing rural livelihoods within the Union Territory.
This initiative aligns with the Centre's strategy aimed at inclusive development, empowering women and local entrepreneurs while generating more employment opportunities.
The Finance Minister is currently on a four-day tour of Ladakh. She plans to lead a credit outreach programme that underscores the crucial role of credit in fostering financial inclusion and economic progress in the area.
Sitharaman is also set to meet with councillors from the Ladakh Autonomous Hill Development Council (LAHDC) as well as representatives from the Ladakh administration. Additionally, she will inaugurate various developmental projects during her visit.
The Modi government has successfully mobilized over 10.04 crore women into more than 90.76 lakh self-help groups (SHGs) across the country to enhance financial inclusion under the flagship DAY-NRLM poverty alleviation initiative.
A remarkable total of over 52 crore loans worth Rs 32.61 lakh crore have been approved under the PM Mudra Yojana for the underprivileged, with the scheme celebrating its 10th anniversary this year.
This scheme has significantly empowered women in small towns and villages, with nearly 70 percent of Mudra loans accessed by women entrepreneurs, thereby enhancing their financial independence and advancing gender equality.
In the past nine years, the per-woman disbursement under PMMY has seen a compound annual growth rate (CAGR) of 13 percent to Rs 62,679, while the per-woman incremental deposits have surged by a CAGR of 14 percent to Rs 95,269, as per data compiled by the Finance Ministry.
The IMF has also recognized the PM Mudra Yojana, with a UN report highlighting that the scheme, which provides collateral-free loans with a focus on women's entrepreneurship, has significantly increased the number of women-owned MSMEs, now exceeding 2.8 million.
The report indicates that an encouraging policy landscape for entrepreneurship through various initiatives, including the Pradhan Mantri Mudra Yojana, is fostering self-employment and formalization through credit.
Point of View
It's crucial to emphasize the national commitment to fostering inclusive development. The initiatives led by the Finance Minister in Ladakh exemplify a proactive approach in supporting local entrepreneurs and empowering women, ensuring that the benefits of economic growth reach every corner of our nation.
NationPress
15/06/2025
Frequently Asked Questions
What is the PM Mudra Yojana?
The PM Mudra Yojana is a government initiative that provides collateral-free loans to small entrepreneurs, focusing on empowering women and promoting financial inclusion.
How does the government support women entrepreneurs?
The government supports women entrepreneurs through various schemes like the PM Mudra Yojana, which has facilitated access to loans and resources, boosting their business opportunities.
What are Self Help Groups (SHGs)?
Self Help Groups (SHGs) are community-based organizations that provide support to individuals, especially women, enabling them to save money, access credit, and develop their skills.
Why is financial inclusion important?
Financial inclusion is vital for economic development as it enables individuals to access financial services, enhances livelihoods, and fosters entrepreneurship, particularly in underserved communities.
What impact do local handicrafts have on the economy?
Local handicrafts significantly contribute to the economy by creating jobs, preserving cultural heritage, and promoting sustainable practices among artisans and entrepreneurs.
