MUMBAI, Jan 4: Finance and Corporate Affairs Minister Nirmala Sitharaman on Saturday highlighted the crucial role of public sector banks (PSBs) in driving rural empowerment by providing collateral-free loans to small businesses and artisans through various Central Government schemes.
Speaking at the Grameen Bharat Mahotsav 2025 (GBM2025), organised by Nabard and Department of Financial Services, Sitharaman also highlighted that rural development has been a top priority for the Modi-led government since 2014, driven by a vision to uplift the poor, youth, farmers and women through the Central schemes financed by PSBs.
Through such efforts, rural aspirations are being realised, and small-scale industries are thriving, aided by the Prime Minister Narendra Modi’s vision for an equitable credit ecosystem, Sitharaman said.
Sitharaman said that PSBs are actively conducting credit saturation drives in priority sector for schemes such as PM MUDRA Yojana, PM Awas Yojana, and SVAnidhi Yojana. These initiatives are the backbone of rural empowerment.
Taking the momentum further, the Grameen Bharat Mahotsav showcases India’s rich cultural heritage as well as the aspirations of rural people and development in the four areas — GI Tags, natural farming, women empowerment, tribal welfare, with a focus on North-East products, Sitharaman said.
Sitharaman highlighted that GBM2025 showcases rural products, including over 50 items with Geographical Indication (GI) tags, and underscored several initiatives aimed at women’s empowerment like Drone Didis and Lakhpati Didis programmes that have significantly contributed to skill development and economic growth among women.
Besides, the GBM 2025 exhibition also brings together small-scale industries that have flourished due to the enabling vision of the Prime Minister to provide collateral-free loans to bonafide businesses, especially organic and natural farmers, women and Self-Help Groups (SHGs), and expansion of tribal products, the Union Finance Minister said.
(AGENCIES)
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