SBI Report: 65% of SHG Members Become Lakhpati Didis as Incomes Triple

New Delhi, March 12 (IANS) The Women’s Self-Help Group (SHG) schemes have been a resounding success in rural areas, leading to a significant increase in incomes for its members. A recent SBI report revealed that 65% of SHG members have become “Lakhpati Didis” nationwide, with their incomes tripling as a result.

The report predicts that Lakhpati Didis will continue to be a game changer, with most states and Union Territories experiencing this transformation by 2026-27. The success is attributed to credit linkage, digital access, targeted policy measures, and the entrepreneurial spirit of female SHG members.

According to the report, female SHG members across different age groups have seen a substantial increase in their incomes, with urban members witnessing a 4.6 times increase and those under 27 years old experiencing a 4.7 times rise in income. The majority of female SHG members fall within the age range of 35 to 50 years, with a median age of 43 years.

The analysis also indicates that around 65% of rural SHG members have moved up in terms of relative income from FY19 to FY24. Regions, excluding metros, have seen the most significant income growth for female SHG members aged 28 to 42 years, while metros have observed a maximum increase in the income of members under 27 years old.

States like Andhra Pradesh and Telangana are leading in SHG initiatives, with Tamil Nadu, Uttarakhand, Kerala, Punjab, and Gujarat also making significant strides in increasing female SHG incomes. The report predicts that states like Haryana, Madhya Pradesh, West Bengal, and Jharkhand will surpass an annual income of Rs 1 lakh within a year, while states like Uttar Pradesh, Maharashtra, Chhattisgarh, and Rajasthan may take two more years to achieve this milestone.

Furthermore, there has been a notable increase in expenditure through digital payment methods like UPI and Aadhaar-enabled systems among SHG members. The rise in digital transactions signifies the ease and accessibility of digital payment options for SHG members across rural and urban regions.

In conclusion, the SBI report highlights the remarkable success of Women’s Self-Help Group schemes in improving the financial well-being of its members, paving the way for millions of Lakhpati Didis in India by 2026-27.