The Business Bytes
TBB BUREAU
JHARSUGUDA, NOV 26, 2021
Vedanta Jharsuguda, India’s largest producer of aluminium and value-added products, has bagged the prestigious 19th FICCI CSR Award 2020 in the women empowerment category for its flagship community development project – Subhalaxmi Co-operative, a 4100-plus members strong all-women co-operative society operating in Jharsuguda.
The FICCI CSR award recognizes the efforts of companies in integrating and internalizing Corporate Social Responsibility in their operations.
Formed in 2008, Subhalaxmi Co-operative is engaged in promoting sustainable livelihood opportunities among rural women, creating avenues for entrepreneurship through skill development and providing financial assistance to the members for furthering their livelihood. Started with only 10 women and their initial contribution of Rs 1000, the Co-op has grown in strength over a decade to support more than 4100 women today, with a fund base of over Rs 3.5 crore. With presence in 72 villages of Jharsuguda, it is one of India’s largest rural women’s cooperatives. At its core, Subhalaxmi Co-op has four basic components – Capacity Building and Livelihood Promotion, Financial Services (savings & credit facilities), Social Development, and Collaboration & Partnership.
Receiving the award, Deepak Prasad, Deputy CEO-Vedanta Ltd., Jharsuguda said, “Being India’s largest aluminium producer, Vedanta Jharsuguda is a proud contributor to India’s journey of self-reliance. We are equally proud partners in the progress of our local communities. Our Subhalaxmi Co-operative is a shining example of what corporate and community partnership can achieve. These trailblazing women are prime testaments of true empowerment, and we are humbled to have played a role in their success.”
“We dedicate the prestigious FICCI CSR Award to all the members of Subhalaxmi Co-operative; and we will continue to enable them to become an inspiration to women across the globe,” he added.
Deepak Prasad reiterated Vedanta’s endeavours to include more women in the socio-economic mainstream through this co-op and help them pursue their aspirations.
To ensure alternate means of livelihood for the women of the region, Subhalaxmi Co-op provides need-based financial services in terms of savings, credit and insurance; promotes micro enterprises through business development services; links potential entrepreneurs and enterprises with suitable market opportunities; trains and educates the members, elected representatives and managing committee to ensure effective functioning of the society; and works for the sustainable development of the members.
