YSR Asara: AP government to waive off Rs 6345 Cr debt of women SHGs

Vijayawada: CM Jagan Mohan Reddy is all set to launch the flagship YSR Asara scheme to waive off the loans of debt-ridden women Self Help Groups (SHGs) in Andhra Pradesh.

Chief Minister will be releasing the first installment of Rs 6345.87 crore benefiting 7, 91,257 self-help groups on September 11.

A government spokesman said lakhs of women hailing from poor families have been forced to take mammoth loans to cope with the costs towards education, health care, elderly care, daily needs, and other emergencies.

This has resulted in a vicious cycle of debts with the exorbitant rates of interest. Chief Minister Jagan Mohan Reddy observed it first hand during his 3,648 Kms Padayatra.

Feeling the pain of the people, the CM promised that his government will reimburse all the outstanding loans taken by all the women members of the self-help groups belonging to the SC, ST, BC, and minority communities in 4 installments.

Consequentially, the outstanding loans amount to Rs. 25,383.49 Crore.The spokesman said it has been observed that most women, who take loans at a very high rate of interest, did so, to cater to their basic needs including education, health care, elderly care, daily necessities, and other emergencies.

Schemes like Vidya Deevena, Vasathi Deevena, Amma Vodi, Vidya Kanuka, and Nadu-Nedu are already ensuring free education to students belonging to families below the poverty line.

Flagship schemes including YSR Arogyasri and YSR Arogya Asara are ensuring that absolute free treatment to the needy.Under YSR Pension Kanuka, as many as 61.28 lakh beneficiaries are receiving monthly pensions right at the doorstep.

"The women, who are getting out of this vicious cycle of debt, will not be forced to take loans at high-interest rates again. This amount can also be used for their future if they have repaid their loan already, as the government will still stick to its promise of reimbursing the total outstanding loan," the spokesman said.