The Full Form of ‘SGSY’ in Banking is ‘Swarnajayanti Gram Swarojgar Yojana’.
Full Form of SGSY
Swarnajayanti Gram Swarojgar Yojana (SGSY) is a flagship programme of the Indian Government that was launched in April 1999, to provide employment opportunities and self-employment opportunities to rural households. The scheme aims at reducing poverty by facilitating income generating activities and making available credit facility through microfinance.
The SGSY scheme is implemented by the Ministry of Rural Development (MoRD). It focuses on providing skill development, training and credit support to the poor and vulnerable sections of society, especially women living in rural areas. Under this scheme, the Government provides financial assistance to individuals or groups of people in order to carry out small business activities or pursue some other form of self-employment.
The objective behind launching this scheme is to reduce rural poverty substantially by enabling the poor households to increase their income through various income generation activities such as dairy farming, poultry farming, animal husbandry and vegetable cultivation. The programme also helps in creating sustainable livelihoods for them by providing them access to credit from formal sources such as banks and cooperatives.
This programme has been successful in providing economic sustenance for millions of rural households across India. A major success story under SGSY has been the establishment of Self Help Groups (SHGs), which have been instrumental in improving the socio-economic condition of rural women. SHGs are informal groups that promote thrift among members who save regularly and use their pooled savings as collateral for taking loans from formal sources such as banks and cooperatives. These loans are then used by members for income generation activities or other productive purposes such as setting up small businesses or purchasing assets like livestock.
The SGSY programme has had a positive impact on the lives of many poor households across India since its launch in 1999. According to estimates, around 5 million people have benefited directly from this scheme since its inception with over 19 million people indirectly benefiting from it through increased access to credit facilities provided under it. In addition, it has also helped reduce poverty levels among rural households significantly – an estimated 10 million people have been lifted out of poverty due to this scheme since its launch in 1999.
Overall, Swarnajayanti Gram Swarojgar Yojana (SGSY) has been a great success for millions of people across India who were earlier unable to access financial resources necessary for pursuing self-employment activities or leading a life above the poverty line. It has enabled them not only gain economic independence but also improve their overall quality of life significantly through increased access to education, healthcare and housing facilities made possible due to higher incomes earned through SGSY related activities
Queries Covered Related to “SGSY”
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- Meaning of SGSY