Minister of State for Finance suggested to include financial literacy to be part of Skill Certification

Minister of State for Finance Shri Jayant Sinha suggested promotion of financial literacy among the beneficiaries as part of skill certification under skill development programmes to enable them with better management of money and enterprises for further growth in chosen area of career development.

He favored credit lending in the name of women stating that they proved to be more adept in managing finances. He also called for lending higher amounts under anti-poverty programmes. This suggestion assumes significance in the context of average loan amount sanctioned so far for setting up individual micro-enterprises under DAY-NULM being Rs.75,000/- against the permissible limit of Rs.2.00 lakh per beneficiary and Rs.3.11 lakh as against the ceiling of Rs.10 lakh under group enterprises.

Shri Sinha said that under Prime Ministers MUDRA Yojana, Loan Origination System has been introduced under which credit history of beneficiaries would be tracked to help them develop further by extending all necessary support. He informed that lending target under MUDRA for the current financial year has been increased by Rs.50.000 cr from the Rs.1.30 lakh cr advanced to 3.40 cr beneficiaries during the last fiscal.

The National Conference on Deendayal Antyodaya Yojana-NULM (DAY-NULM) is being organized by the Ministry of Housing and Urban Poverty Alleviation (HUPA) to discuss ways of scaling up skills training and credit flow to self-employment programmes and Self-Help Groups.

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