Rs. 42 crores given to students and small units
GOBICHETTIPALAYAM: Public sector banks in the region have distributed loans to the tune of Rs. 112 crores to 25,000 persons. And, they are eager to lend more because the beneficiaries have displayed commendable sincerity in replaying them, Union Minister of State for Commerce and Industry E.V.K.S. Elangovan has said.
Of the above-mentioned amount, Rs. 42 crores was given to students as educational loans and small industries, he said on Friday while participating in the Union Government's multimedia campaign highlighting the various welfare measures.
The repayment rate in this part of the State was 98 per cent. Because of it, the banks were vying with one another to offer loans, the Minister said, adding that the banks have had an important role to play in the improvement and industrialisation of the region.
Recalling the ushering in of liberalisation, Mr. Elangovan said the country had come a long way since Dr. Manmohan Singh as Union Finance Minister in the early '90s liberalised the economy. In retrospect, it was a great and wise decision.
He recalled how in the early '90s someone here had to book a trunk call to talk to persons in Erode. Now things had changed. In her inaugural address, Union Minister of State for Social Welfare Subbulakshmi Jegadeesan said one of the major achievements of the Union Government was the formation of self-help groups. The Union Government was contributing 75 per cent of the groups' revolving fund with the State Government chipping in with the rest.
Given the fact, she wondered how could the powers that be at the State claim credit for the success of the women's movement.
"A myth is being created that the State Government alone is responsible for the success of the movement. They think they are the custodians, which is wrong," she said. More than 40 Central Government institutions have set up stalls.