Andhra Pradesh's Chief Minister, Y S Jagan Mohan Reddy, took a significant step on Friday by disbursing a sum of Rs 13,054 crore as interest reimbursement through the 'YSR Sunna Vaddi' initiative. This scheme benefits over a crore eligible women who are members of more than nine lakh self-help groups (SHGs) situated in the Konaseema district's Amalapuram region.
These women, belonging to the SHGs, demonstrated responsible financial behavior by repaying their loans punctually. In recognition of this, the state government, which had previously shouldered the interest burden, is now rewarding them with the substantial disbursement.
Addressing a public gathering, Reddy expressed, "I consistently emphasize one principle: when the women in our households are content, our families thrive. With the goal of spreading such contentment to every household, we are implementing this remarkable program from Amalapuram, unlike any other place in the nation."
On top of this disbursement, the Chief Minister highlighted that the state government has already provided approximately Rs 5,000 crore under the zero-interest scheme. The loans offered through this program are strategically designed to empower women, fostering their business ventures and elevating their living standards. Interestingly, the SHGs in the state have availed loans amounting to Rs 30,000 crore.
According to Budi Mutyala Naidu, the Minister for Panchayat Raj and Rural Development, more than 16 lakh women have gained advantages from this scheme. It has enabled them to establish retail businesses, venture into textile enterprises, and engage in cattle rearing, generating supplementary incomes of up to Rs 10,000 per month.
In the midst of these positive developments, Reddy seized the opportunity to contrast his administration with the former TDP regime. He alleged that the previous government, led by TDP, terminated the zero-interest scheme back in October 2016. He further claimed that this neglect had led to substantial burdens for the SHGs, accumulating bad debts amounting to Rs 25,571 crore by the time the 2019 elections approached. This resulted in over 18 percent of their loans being classified as non-performing assets (NPAs). Furthermore, the credit ratings for these loans suffered a downgrade from the initial A and B grades to lower C and D grades.
In a somewhat taunting manner, the Chief Minister also took a jab at Nara Chandrababu Naidu, the leader of TDP, insinuating that Naidu might even promise to provide gold kilograms and luxury cars to every family in the state as elections draw near. This playful remark highlighted the differences between the two political parties' approaches
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