Cabinet approves Implementation of the “National Rural Economic Transformation Project under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Implementation of an Externally Aided Project namely “National Rural Economic Transformation Project (NRETP) under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) through loan assistance (IBRD Credit) from World Bank.
Benefits:
The technical assistance provided by NRETP and the higher level interventions facilitated by the project will enhance the livelihoods promotion and access to finance and scale-up initiatives on digital finance and livelihood interventions.
Salient features:
- DAY-NRLM lays special emphasis on targeting the poorest of the poor and the most vulnerable communities and their financial inclusion.
- Innovative projects will be undertaken under NRETP to pilot alternate channels of financial inclusion, creating value chains around rural products, introduce innovative models in livelihoods promotion and access to finance and scale-up initiatives on digital finance and livelihoods interventions.
- DAY-NRLM provides for mutually beneficial working relationship and formal platforms for consultations between Panchayati Raj Institutions (PRIs) and Community Based Organizations(CBOs).
- NRLM has also developed activity map to facilitate convergence in different areas of interventions where NRLM institutions and PRIs could work together which has been disseminated to all state Rural Livelihood Missions.