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Cabinet approves National Rural Economic Transformation Project

Date: 20 February 2019 Tags: Agriculture

Union Cabinet approved Implementation World Bank funded National Rural Economic Transformation Project (NRETP) under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM). It aims to help rural households shift to new generation of economic initiatives by developing viable enterprises for farm and non-farm products.

National Rural Economic Transformation Project (NRETP)

  • It aims to provide higher level interventions to enhance livelihoods promotion, access to finance and scale-up initiatives on digital finance and livelihood interventions.
  • It is funded through loan assistance from International Bank for Reconstruction and Development (IBRD), lending arm World Bank.
  • Projects under it will provide alternate channels of financial inclusion, creating value chains around rural products.
  • It will also introduce innovative models in livelihoods promotion and access to finance and scale-up initiatives on digital finance and livelihoods interventions.

Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

  • It is poverty alleviation scheme implemented by Union Ministry of Rural Development to promote self-employment and organization of rural poor.
  • It was launched in 2011 as NRLM and was succeeded by Deen Dayal Antyodaya Yojana in 2016. It is supported by World Bank. It is one of world’s largest initiatives to improve the livelihood of poor.
  • It aims to create efficient and effective institutional platforms for rural poor to increase household income through sustainable livelihood enhancements and improved access to financial services.
  • It helps rural poor to set up self-employment ventures by ensuring easy access to credit. It organizes poor into SHGs and make them capable for self-employment.
  •  It also gives special focus to women empowerment. It has dedicated component for promoting farm and non-farm based livelihoods for women farmers in rural areas.
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