According to an analysis conducted by Soumya Kanti Ghosh, the Group Chief Economic Adviser at the State Bank of India (SBI), the incomes of female SHG members have more than tripled over the past five years. Ghosh's report, released on March 11, highlighted that the COVID-19 pandemic provided opportunities for SHGs to substantially increase their activities.
The study revealed that the average income credited to female SHG members' bank accounts is set to rise from Rs 100 to Rs 307 based on data available for the first nine months of 2023-24. Notably, urban SHG members are projected to experience the most significant income increase, with their earnings potentially reaching Rs 462 from Rs 100 in 2018-19. Similarly, rural SHG members have also witnessed a considerable rise in their incomes, with 65 percent of them moving into higher income quantiles in the fiscal year 2023-24 compared to 2018-19.
Ghosh emphasized the correlation between the increase in rural female LFPR and the rise in incomes of female SHG members. He noted that an 11 percent jump in LFPR was associated with a 2.25 times increase in income within just four years.
This story is from the March 12, 2024 edition of The Business Guardian.
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This story is from the March 12, 2024 edition of The Business Guardian.
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