CSR of Vedanta: Subhalaxmi Cooperative Project recognised by FICCI

Jharsuguda: Vedanta Jharsuguda, India’s largest producer of aluminium and value-added products, has bagged the FICCI CSR Award 2020 in the women empowerment category for its flagship community development project – Subhalaxmi Co-operative, a 4100 member strong all-women co-op society operating in Jharsuguda, Odisha. The FICCI recognises the efforts of companies in integrating and internalizing Corporate Social Responsibility in their operations.

Conceived in 2008, Subhalaxmi Co-op 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. Starting with only 10 women and their initial contribution of INR 1000, Subhalaxmi Co-op has grown in strength over a decade to support more than 4100 women today, with a fund base of over INR 3.5 crores. With a 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, Dy. CEO-Vedanta Ltd., Jharsuguda said, “Our Subhalaxmi Co-operative is a shining example of what corporate and community partnerships can achieve. These trailblazing women are prime testaments of true empowerment, and we are humbled to have played a role in their success. Vedanta Jharsuguda continues to march on in its endeavours to include more women in the socio-economic mainstream through this co-op and enable them to 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.

Expressing her delight, Pushpanjali Seth, former President of Subhalaxmi Co-operative, said, “Each one of our women members is a shining example of true empowerment that happens when one’s will to progress is enabled through skill development, financial literacy, financial inclusion and welfare schemes. This is just the beginning and we hope to evolve into a movement of great transformation that will stand as a beacon of empowerment for women all over the world.”

Highlights of Subhalaxmi Co-operative’s journey so far:

• Over 4100 women members associated with ~340 Self-Help Groups (SHG), hailing from 72 villages of Odisha
• Fund base of over INR 3.5 crores, including member savings and share capital, welfare fund, and profits earned by the co-op
• Supporting 1360 micro-entrepreneurs engaged in agriculture and allied sectors, service trades, petty business shop and vending, animal husbandry, etc., whose income levels have increased by 50%.
• To date, the co-op has done business of over INR 30 crores through microfinance services alone.
• A unique social welfare fund ‘Subhalaxmi Mahila Kalyan Panthi’ has been created to provide financial support to expecting mothers, scholarships to meritorious students of matriculation, support in case of demise of the spouse, etc.
• Nearly 94.7% of Jharsuguda’s population has been directly or indirectly positively impacted by Subhalaxmi Co-op.
• Owned and governed by a Board of Directors, who are democratically elected members for a tenure.
• Partnership with Government Line Departments, Research and Extension Institutions for various developmental initiatives.

Vedanta Aluminium Business, a division of Vedanta Limited, is India’s largest manufacturer of aluminium, producing half of India’s aluminium at 1.96 million tonnes per annum (MTPA) in FY21. It is a leader in value-added aluminium products that find critical applications in core industries. With its world-class Aluminium Smelters, Alumina Refinery and Power Plants in India, the company fulfills its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.