New Delhi, Oct 8 (UNI) Rural Development Minister Raghuvansh Prasad Singh today exhorted the Private Sector to help build up the rural economy through skill upgradation and entrepreneurship development among the rural masses by technological assistance and micro credit at reasonable rates of interest.
Addressing the India Rural Business Summit organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) under the aegis of Ministry of Rural Development and the Department of Commerce, the minister emphasised the need of providing sustainable jobs to rural house holds to eradicate poverty and unemployment effectively.
Today the biggest challenge in India is to create income generating ventures for about 4.4 crore rural Below Poverty Line (BPL) families and majority of them have no start up capital or skills and lack of credit worthiness as per banking perspectives and therefore, all forward linkages like activity choice, credit and market are required to be brought up to the doorstep of the rural beneficiares, he said.
Dr Singh said there was a lack of markets and adequate awareness of market trends in rural areas.
Moreover, rural entrepreneurship in India is a dual scenario, combining market potential with the object of poverty alleviation.
Hence there was a need for strong support systems and hand holding by the Government and other institutions.
The minister said his ministry implemented the Swarnjayanti Gram Swarozgar Yojana (SGSY), which is aimed at creating sustainable income generating activities for the rural poor in an effort to bring them out of poverty. Till now 26.59 lakh Self Help Groups (SHGs) have been formed and 88.5 lakh persons have been given assistance in the project at a total investment of Rs 18824.32 crores.