Rs 7,015-Crore Singappen Credit Scheme Announced in Assembly for Women Entrepreneurs

The government has announced plans to launch the Singappen credit scheme for women entrepreneurs with an outlay of Rs 7,015 crore, Minister for Cooperation V Gandhiraj announced during proceedings in the assembly in Chennai.

Speaking in the assembly, Minister Gandhiraj outlined that the Singappen credit scheme is specifically aimed at empowering women socially and economically. The primary objectives of the initiative include reducing rural poverty and enabling women across the state to achieve financial independence. Under the framework of the scheme, cooperative societies will implement the programme and disburse loans directly to women, supporting them in establishing and running their own entrepreneurial ventures.

Alongside the support for women entrepreneurs, the minister announced a major financial measure targeting the agricultural sector. The government will offer rural business loans at an interest rate of 9% for micro and small-scale farmers. A total allocation of Rs 5,000 crore has been earmarked for this initiative, which is designed to encourage farmers to establish and expand farm-related businesses.

Addressing branding and market reach for cooperative produce, the minister revealed that the state government will introduce a unified trademark logo under the brand name "Vetri" for items produced by cooperative societies.

Explaining the rationale behind the unified branding, the minister noted that different cooperative societies currently use separate names for their products. This fragmented approach has led to lower consumer acceptance and a restricted market share for cooperative goods.

According to the minister, introducing a common logo will help widen market opportunities for cooperative products and foster the growth of cooperative institutions while simultaneously enhancing farmers' income.

To modernise retail operations, the state government will also expand digital payment options at Public Distribution System (PDS) outlets. At present, UPI payment facilities are operational in 10,803 PDS shops, and the government plans to add UPI support to an additional 10,000 shops.

Finally, the minister announced that the government will create a formal state cooperative policy to ensure the sustained and long-term growth of cooperative societies across the state.