Leh, June 15 (IANS) Finance Minister Nirmala Sitharaman on Sunday visited an exhibition of local handicrafts and handloom products by Self Help Groups (SHG) and local entrepreneurs of the Ladakh region.

She interacted with artisans, women-led SHGs and local entrepreneurs showcasing traditional crafts, handloom textiles and sustainable innovations at their stalls.

The Finance Minister appreciated the entrepreneurial spirit and creativity of the artisans, highlighting their role in preserving cultural heritage and boosting rural livelihoods in the Union Territory.

The initiative is part of the Centre’s policy of inclusive development to empower women and local entrepreneurs and create more jobs.

The Finance Minister is on a four-day visit to Ladakh. She will chair a credit outreach programme emphasising the vital role of credit in promoting financial inclusion and economic development in the region.

Sitharaman is scheduled to interact with councillors of the Ladakh Autonomous Hill Development Council (LAHDC) and the Ladakh administration. She will also inaugurate various developmental projects during her tour.

The Modi government has succeeded in mobilising more than 10.04 crore women into over 90.76 lakh self-help groups (SHGs) nationwide to promote financial inclusion under the flagship DAY-NRLM poverty alleviation scheme.

Over 52 crore loans worth Rs 32.61 lakh crore have been sanctioned under the PM Mudra Yojana for the poor, with the scheme having completed 10 years of its launch this year.

The scheme has led to the empowerment of women in small towns and villages, as nearly 70 per cent of Mudra loans have been availed by women entrepreneurs, enhancing their financial independence and contributing to gender equality.

In the last nine years, while per-woman PMMY disbursement amount increased by a compound annual growth rate (CAGR) of 13 per cent to Rs 62,679, the per-woman incremental deposits increased by a CAGR of 14 per cent to Rs 95,269, data compiled by the Finance Ministry shows.

The IMF has also lauded the PM Mudra Yojana, with a report of the UN arm stating that the scheme, which extends collateral-free loans with a special focus on women’s entrepreneurship, has helped boost the number of women-owned MSMEs, which now stands at more than 2.8 million.

The report said that an enabling policy environment for entrepreneurship through various programs, such as the Pradhan Mantri Mudra Yojan,a is contributing to increased self-employment and formalisation through credit.

–IANS

sps/sd/