NEDFI (North Eastern Development Finance Corporation Ltd) has introduced a new scheme ‘Atmanirbhar Hastshilpkar’ with an objective to develop the grassroots artisans of Northeast India. Under this scheme, the needy artisans would get financial assistance to improve their skills and boost and stabilize their income. This scheme was launched on 9th December 2021.  The loan is to 1 Lac and a subsidized interest rate of 6% per annum is charged to be repaid within 24 months.

Implementation:

The specified scheme is certainly generating adequate employment opportunities for the artisans and the households of the Northeast region. The number of loans NEDFI generates is equivalent to the number of employment generated. The organisation ties up with different organizations like – ASLRM, Rural livelihood mission, etc to identify the needy artisans. They utilize the Microfinance institutions for mobilization of the artisans, but the process of lending is precisely done by NEDFI to provide them assistance at a very moderate rate. In the North-eastern region, there is a massive requirement for small finance as a lot of people are still under the umbrella of informal credit. NEDFI’s aim is to increase the volume of credit generated at the subsidiary rate and help the artisans and households to come out of their poverty cycle and stabilize their income.

Progress

Around 2-3crores have been disbursed to artisans and households to date under this scheme. The aim is to reach around 4cr by the end of this FY 2021-22. NEDFI aspires to achieve an ambitious target of Rs10-15cr in the next financial year.