SGSY Abbreviation

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Popular abbreviations of SGSY:

Searching for SGSY abbreviation / SGSY full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does SGSY mean?

The full form of SGSY is Swarnajayanti Gram Swarojgar Yojana. The Indian Government started the SGSY initiative to introduce the concept of self-employment in the rural parts of the country. The scheme focuses on empowering poor rural countries by providing them training to generate the assets for a living.

The implementation of this program was done by:

• Panchayati Raj institutions
• Non-government organizations
• Commercial and regional banks
• Technical institutions of the region
• District Rural Development Agencies

Self-help groups of SGSY

Self-help groups of SGSY include forming groups of people who can participate in income generation activities in their hometown. The establishment of self-help groups helps in reducing the mobility of people to the outer cities.

Working of SGSY

There are the following steps involved in the working of SGSY

Formation of self-help groups: 

The self-help groups work for assessing the skills potential of the group members and then further divide the group members into groups based on their skills.

Generation of capital:

 This step includes the funding for skill development. The budget is facilitated through different government schemes as well as through loans.

Implementation of the skills:

Once the skills are developed, the final step is the implementation of the skills to make the group self-sufficient. This process involves the generation of a regular income for every group member. The group’s progress depends on hard work dedication and demand-supply factors.

Funding by the financial institutions:

According to the Swarnajayanti Gram Swarojgar Yojana, the self-help groups are entitled to have funds and loans from financial institutions such as government banks, co-operate societies, NGOs, etc. The funds can be invested in training programs, skill learning, knowledge about the market working, product costing, etc.

Insurance covers under SGSY:

 The insurance cover is provided to the members of SGSY, and the whole self-help group can be covered under group insurance