Goa's Self Help Groups (SHGs) have a reason to rejoice as the state government has agreed to provide 95 percent subsidy to help these SHGs to establish their own ventures. Thus, these SGHs intending to set up their own ventures would be required to bring in only five percent of the total capital required for the venture.
All the SGHs in the state of Goa including even the minor ones could gain from this government initiative once the state Chief Minister officially introduces this initiative on January 26.
The state government would be advancing a subsidy to the extent of Rs 50,000 as seed capital and will also provide necessary assistance to the new entrepreneurs to help them obtain loans from bank to kick off initially.
The total amount that the government would extend by way of loan along with the seed capital would come to around 95 percent of the total capital required by the SGHs for the venture, thus the SGHs will have to bring in only five percent of the total investment capital.
The Industries Department is likely to provide finance for the scheme, whereas the Handicraft Department has been made responsible for implementation of the scheme.
Benefits under the scheme would be available to all the conventional business ventures including the handicrafts, perfume making and homemade embroidery.
The state CM announced the scheme in the last budget and has allocated four million rupees for implementation of the same. Prior to this the state government has never provided any direct finance for funding any of the schemes to benefit the SHGs in the state.
It is believed that with this scheme the Goa Handicraft Rural Small Scale Industries Development Corporation would more aptly be able to aid those artisans who have been facing troubles in securing finance to set up their own business.
Fibre2fashion News Desk - India
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