Amaravati, Aug 12 (IANS): Andhra Pradesh Chief Minister Y. S. Jagan Mohan Reddy on Wednesday launched a new scheme called 'YSR Cheyutha' aimed at promoting entrepreneurship among women to make them self-reliant.

Under this scheme, about 23 lakh women belonging to Scheduled Castes, Scheduled Tribes, backward classes and minority communities in the age group of 45-60 years will get an incentive of Rs 18,750 per annum. Thus, every beneficiary will get Rs 75,000 in four years and the scheme will cost the government Rs 17,000 crore.

About eight lakh widows and single women in the age group of 45-60 years, who are already receiving monthly social pensions, would also reap additional benefit of YSR Cheyutha. Annual amount received by women eligible for pension is Rs 27,000 at the rate of Rs 2,250 per month. In addition to this, they would receive Rs 18,750 per annum under YSR Cheyutha. The total amount comes to Rs 45,750 per annum.

According to the government, YSR Cheyutha is unique in the sense that it gives freedom to eligible women to use the amount deposited in their unencumbered accounts for any purpose of their choice

The government would provide marketing and technical assistance to women and the banks would provide loans.

The government has signed MoUs with major industries like Proctor and Gamble, Anand Milk Union Limited (AMUL), Hindustan Uniliver Limited (HUL) and India Tobacco Limited (ITC) to strengthen the rural economy where beneficiaries of Cheyutha can be stakeholders.