Economic cooperation between India and China has increased tremendously in the last decade. But this cooperation is more or less confined to the trade in goods. However many areas especially in service industries remain to be explored. Financial sector is one area which provides immense opportunities for cooperation yet remains unexplored
Drawing from this background, ICEC Council organized the visit of a delegation from the Yunnan Provincial Office of Poverty Alleviation and Development in second week of January, 2018.
The primary objective of their visit was to learn about the significance of micro-finance to support the weaker sections of society in India. Towards this, ICEC facilitated their meetngs with Small Industries Development Bank of India (SIDBI), Mumbai Headquarters and State Bank of India (SBI), New Delhi Headquarters this week.
Mr. R. K Das, Country Head, Chief General Manager, SIDBI met the delegation to share and discuss about the role of financial institutions in the development of small industries and micro industries in India. They also interacted about how SIDBI contributed to the upliftment of micro, small and medium sized enterprises through the current government programs and other such initiatives.
In Delhi, the delegation had a meeting with Mr. Pradeep Sharma, Assistant General Manager, Consulting Services, SBI and discussed the poverty alleviation projects in India that are being taken by the banking sector with the support from the government. He explained the various ways in which poverty alleviation took place through micro-finance, loan schemes, affordable housing schemes, micro unit’s development and refinance agency (MUDRA), Rural self-employment training institutes, stand-up India scheme, Self-help group financing and other such programs provided by the government. The State Bank of India benefitted 12, 00000 people from the unorganized sector through their poverty alleviation programs.
The deliberations and discussions between the organizations and the delegation were in-depth and focused. Many areas of cooperation emerged which needs to be taken forward by the institutions in India and China.
The delegation team appreciated the suggestions and discussion on the topic and gave their vote of thanks to the respective bank officials.