Tamil Nadu Gold Loan Waiver Scheme 2021 | TN Jewel Loans of Farmers / Poor Women Members of SHGs to be Waived Off

Several schemes have been launched in the last couple of months to support SHGs and farmers all across the nation. And while state and central governments do their best to aid the farmers and those on the poorer end of the financial spectrum, the Tamil Nadu government intends to go a step further and help its residents all the more.

In a long list of innovative schemes already implemented by the state, the Tamil Nadu government has launched the Tamil Nadu gold loan waiver scheme for 2021. The scheme was launched on the 26th of February 2021 and has essentially been started by the government for the overall welfare of the farmers and poor women of SHGs of the state.

About the scheme

Under the Tamil Nadu Gold loan waiver scheme, the State government will waive off jewellery mortgage on loans issued to farmers and poor women of the state and those women who are members of Self Help Groups in the state.

With this scheme in effect, people in Tamil Nadu can now get the loans out of their lockers and use them to their benefit without having to worry about interest rates and extra charges on their loans.

Objectives of the scheme

The main motive of the scheme is to help poor women in SHGs in Tamil Nadu and farmers so that they can live without having to worry about paying their loans off. This waiver by the State government of Tamil Nadu will cut down their total amount to be paid back significantly, and it will help them financially as well.

With the pandemic striking in full force, the women and farmers in Tamil Nadu have found it increasingly difficult to make ends meet and afford a dignified livelihood for themselves.

Taking that into consideration, the Tamil Nadu government has waived off interests on loans that people got issued by pledging their gold and jewels. Such loans were taken during dire times and under desperate circumstances.

And even if the spread of the coronavirus has declined sharply over the last couple of months, things are far from returning to the normalcy we all once were accustomed to.

Summing it up

People have faced some really difficult times over the last couple of months. The state government has taken a brilliant initiative by waiving off the excess on the loans so that people can pay off their loans in the limited capacities they find themselves to be in.

The income is low, and prices of goods are soaring high all over the country. With this scheme, at least those who have pledged their gold can now breathe relief, as their loans have a chance of being paid off sooner than expected. The farmers and women working with SHGs now have a chance to rework their finances from the ground up.

Over the next couple of months, the success of farmers and SHGs will prove to be crucial to the repairment of the national economy.

Similar Yojanas

Schemes launched by the state government

The state governments of India are the next important government bodies right after the central government of the country. The state governments constitute 28 states and 8 union territories

India is a democratic and republic country wherein highest authorities and powers are proffered to the central government. For the state government, real executive powers are given to Chief Minister as he is responsible for heading the Council of Ministers. The state governments of India work toward internal security, such as police department, social welfare, public health betterment and other similar state-related issues. The state government of the country earns its employee income from sales tax services, stamp duty services, and from some parts of GST.

The state governments have launched a variety of schemes so far. Some of the examples are as follows:

In Andhra Pradesh, Chandranna Bima Yojana, National Energy Efficient Agriculture Pumps Program, and Smart Pulse Survey have been launched. In Assam, Mass Rapid Transit System has been recently launched. In Maharashtra, Police Pratisaad Ask services and various schemes for the betterment of farmers have been launched. In Karnataka, PM Santwana Harish Yojana, and Housing scheme for Transgenders have been launched. In Uttar Pradesh, Deen Dayal Upadhyay Gram Jyoti Yojana, Hausla Paushan scheme, and Swadhar Greh yojana have been launched.

The state government of India monitors both rural and urban development. However, it is not feasible for the state government to monitor all rural and urban local government bodies. Thus, based on the provided funding and coverage, rural and urban local entities create development plan whenever required. These government entities work in close association with planning commission and local or regional government sectors and authorities.

Apart from these schemes, the state government also ensures the effective implementation of centrally sponsored schemes in respective states.