Govt Pushes Microfinance Growth for ‘Viksit Bharat’ at Sa-dhan Conference

As the Government has laid down a clear roadmap of ‘Viksit Bharat’ where GYAN – Garib (poor), Yuva (youths), Annadata (the farmer) and Nari (Women) will remain at the centre of development, the Government will focus on bringing additional liquidity into the Microfinance sector in order to strengthen financial inclusion, entrepreneurship at the grassroots levels where micro-finance institutions will play a crucial role, stated Dr Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation, Government of India while speaking at the two – day 19th Sa-dhan National Conference on Inclusive Growth 2024 happening in New Delhi.

Dr Garg observed that the share of MFIs, NBFCs besides commercial banks has significantly increased over the years and in order to pursue the roadmap of ‘Viksit Bharat’, the Government would also encourage innovation and skill development of the last-mile beneficiaries where MFIs have a big role to play.

“In the next 25 years, as part of the Viksit Bharat mission, various initiatives such as innovation, entrepreneurship, women empowerment, WASH (Water, Sanitation and Hygiene), green climate would be the key areas where major Government funding would go and MFIs can contribute,” added Dr Garg.

He further observed that the programmes like NRLM has been well received in the country. “With about 1.44 crore self – help groups where key beneficiaries have been women, the micro-finance movement has contributed significantly. For strengthening the financial sector, more avenues like micro insurance, micro investment would be important in the next three years,” he said.

Dr Charan Singh, Non – Executive Chairman, Punjab and Sind Bank said, “For the large unbanked population of India, MSMEs and start-ups emanating at the grassroots levels, we need to have integration of MFIs with the commercial banks for funding activities. Even the fintech companies will play a big role.”

Sa-dhan’s Conference themed “Driving Sustainable Development through Inclusive Finance’ has brought together leading figures from government, banking, and the microfinance sector to deliberate through 13 sessions on various sustainable and inclusive growth agenda topics with 78 speakers participating in the discussions.