World Bank considers financial support to state's social schemes

MP |30 Aug 2021 | Kolkata: The World Bank has considered providing financial assistance to the Bengal government for "Women's Empowerment and Inclusive Social Protection Programme" when the state is implementing projects, including Kanyashree, Rupashree and Lakshmir Bhandar. 

 The World Bank has considered to approve a loan assistance to a tune of USD 125 million to help develop the policy framework and tools, for a unified delivery system at the state-level that aims to strengthen the capability of the state to build an inclusive and efficient social protection system which will empower the vulnerable groups. 

This comes when Bengal's economic performance has been significant in recent years when the state's growth in economy was at 8.9 per cent in 2017-18 and 12.6 per cent in 2018-19 compared to that of 7.2 per cent and 6.8 per cent of the country during the same period. 

The state also ranked sixth in terms of GSDP and 25 th nationally in terms of per capita income. 

The State's population, demographically, is aging rapidly with the elderly growing at an annual average of 2.6 per cent and creating higher levels of dependency burden on households and in turn adversely impacting state expenditures and future fiscal consolidation. 

At the same time the female Labour Force Participation (LFP) remains extremely low at 16 per cent, much below the national average of 23 per cent. 

The move would heavily benefit widows, who have a challenging social position with little or no inheritance rights and high levels of dependence on their children. 

It would also extend support to continue with financial aides to specially abled people for an affordable household-community based care. The Labor Force Participation of Women in the state would also improve due to the project. 

The state government would engage an organisation that is expert in results monitoring and it will act as an Independent Verification Agency (IVA) for the project. The verification will include review of documents, discussion with stakeholders, field verification and interviews. 

The state government has embarked on a long-term strategy to enhance inclusiveness of the social protection schemes and focussed on increasing old age care, pension and health costs besides improving the female workforce participation, said an officer. 

(http://www.millenniumpost.in/kolkata/world-bank-considers-financial-support-to-states-social-schemes-451451)