August 21

Viewpoint: MFIs Revival: Does India Really Need a New Microfinance Institution?

By Saibal Paul

While addressing a recent virtual MSME conclave organised by the FICCI Karnataka State council, union minister for micro, small & medium enterprises and road transport & highways Nitin Gadkari said the government is working on the idea of a social microfinance institution to help people run small shops and businesses.

It was an appreciative thought when he said that the handloom, handicrafts, khadi, and agro-based industries should be encouraged, especially across 115 aspirational districts.

The government is working hard to resurrect the economy, however, it also needs to consider the existing microfinance sector and related institutions to expedite its initiatives.

Photo courtesy of Mags’ pics for everyone.

Source: Business Today (link opens in a new window)