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Union minister stresses for financing policy for micro businesses in rural, agricultural and tribal sectors

The minister invited suggestions to develop a model to help and finance these socially, economically and educationally backward entrepreneurs

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Union Minister for Micro, Small and Medium Enterprises and Road & Transport Nitin Gadkari emphasised on the need of a policy or a model which can help micro and small businesses like fisherman, ferry walas, rickshaw pullers, vegetable vendors, poor, self-help-groups and cottage businesses financially. He was addressing ‘Pan IIT Global E-Conclave on reimagining MSMEs and Livelihoods’ recently through video conference.

He said, “Most of the population in the India is involved in very small enterprises like fishing, beekeeping, bamboo production etc. and are economically and socially backward and lack sufficient financial support system for them. They are hard-working, skilled, talented and honest but due to lack of finance they cannot do any value addition in their businesses and works. With a little financial, technological and marketing support, they can grow their business which in turn will definitely boost employment opportunities in rural, agricultural and tribal areas and will also give strength to India gross domestic products (GDP).”

The union minister invited suggestions to develop a model to help and finance these socially, economically and educationally backward entrepreneurs. He said that this model should be transparent, corruption free, IT enabled with less procedural hassles and needing least permissions. He expressed hope that the model when approved by NITI Ayog and Finance Ministry, could support a lot of enterprises involved in bamboo, honey production, alternative fuels and other areas. Noble Peace Laureate Prof. Muhammad Yunus, founder- Grameen Bank, Bangladesh also shared his vision during the discussion in video conference.

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