Microfinance foundation laid to build enterprises.

GOA, INDIA – June 24, 2016 – WTC Goa promoted by MVIRDC in association with WTC Mumbai and International Centre of Goa organized “Make in India” series on the theme of Microfinance: a game changer for Financial Inclusion at ICG Hall, Dona Paula.

Mr. Jiji Mammen, CEO, MUDRA elaborated various Pradhan Mantri Yojanas available highlighting the financial inclusion, a well-known concept currently prevalent all over India. Microfinance involves providing all kinds of financial services including banking, credit, insurance, payment, and pension etc. facilities to the users. Microfinance, comprises theory of “funding the unfunded” which is clearly evident from the upcoming JAM model i.e. Jan dhan-Aadhar-Mobile, he mentioned. At present 57 million Microfinance units exist of, which less than 5% get bank credits and is the second largest employment creator to the level of 10 – 12 Crores after agriculture. For loans upto Rs 10 Lacs, one should approach under the PM Mudra Yojana and loans above Rs 10 Lacs is catered to, by the Small Industries Development Bank of India SIDBI.

Responding to a question regarding eligibility of an I.T, company for the mudra yojana and availability of funds, he urged, users to access the Stand Up Mitra portal for further guidelines. Digitization is the greatest achievement of our society, as today, the E-Commerce industry has benefited with various data capturing and management methodologies, which will also supplement the MFIs growth, added Mammen.

Mr Jaiksish, GM, RBI – Goa congratulated WTC Goa for organizing an event to disseminate this vital information to the end users, which is the need of the hour stating that microfinance reaches to lesser than 5% of potential clients. According to the World Bank report nearly 87% of India’s poor cannot access credit from a formal source and hence approach the other sources with higher interest rates, he opined. He revealed various deterrent factors like complex and time-consuming loan application procedures, delays in processing, record maintenance of the formal financial institutions and financial illiteracy that prevent the small customers to avail of the benefits provided by the formal microfinance sector. He encouraged all the banks to extend handholding support to the small customers, which alternatively approach the other MFIs eventually leading to a loss of a major chunk of business to the banks.

Mr. Manguirish Pai Raiker, MSME Board member & Advisor, WTC Goa revealed that India, world’s fastest growing economy, is 10th largest in terms of Nominal GDP and 3rd largest by PPP model. He also responded to the question on MUDRA’s role in proliferating Goan MSME sector adding that last year around Rs 399.33 Crores were sanctioned, out of which Rs 376.04 Crores were disbursed to 45,471 applicants. He also informed people that the inherent fact of time-consuming registration process for small units has now been reduced to 1 page using the Udhyog Aadhar portal accessible under the Make in India flagship brand of Hon’ble PM Shri Narendra Modi ji. Mr. G. S. R. Murthy, Manager, SIDBI addressed the participants with current status of Microfinance loans disbursed in the state and its scope for better prospects to cater to the needs of the entrepreneurship development.

Mr. A. O. Kuruvilla, Advisor, WTC Mumbai welcomed the guests and participants present at the event. “WTC Goa was established with the aim to promote the Goan MSME sector owing to its crucial role in country’s GDP, employment generation etc. and provide an International platform to the local businesses to widen their scope”, he said.

Ms. Ambika Dhakhenkar, Asst. Mgr. WTC Goa presented the Vote of Thanks. “Those gathered witnessed the strength of two powerful Indian brands i.e. Make in India and Digital India as the keynote speaker Mr. Mammen, CEO MUDRA delivered speech via video conferencing”, she mentioned. Also, Ms Dhakhenkar thanked all the respected speakers, guests and the press media.

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