Economy Current Affairs - 2019

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Udyam Abhilasha: SIDBI launches national level entrepreneurship awareness campaign

Small Industries Development Bank of India (SIDBI) has launched Udyam Abhilasha (उद्यम अभिलाषा), a national level entrepreneurship awareness campaign. It was launched in 115 Aspirational Districts identified by NITI Aayog in 28 States.

Udyam Abhilasha

The campaign will run from 3 October to 8 October, 2018 across India and reach out to around 15,000 youth. It will create and strengthen cadre of more than 800 trainers to provide entrepreneurship training to aspiring youths across these districts to enter admired segment of entrepreneurs.

For implementing this campaign, SIDBI has partnered with CSC e-Governance Services India Limited, a Special Purpose Vehicle, (CSC SPV) under Ministry of Electronics & IT through their CSCs. It will also tie-up with Banks, NABARD, NBFCs, SFBs, District Industries Centres, State Government etc.

CSC Village Level entrepreneurs (VLEs) will play role of catalyst under this campaign for these aspiring entrepreneurs. VLEs will provide training, support aspirants to establish new units, assisting them in availing loans and make them aware about various Government initiatives like Pradhan Mantri Mudra Yojana, SUI etc. and educate them in business literacy.

Objectives of Udyam Abhilasha

  • Inspire rural youth in aspirational districts to be entrepreneurs by assisting them to set up their own enterprise.
  • Impart trainings through digital medium across the country,
  • Create business opportunities for CSC-VLEs.
  • Focus on women aspirants in aspirational districts to encourage women entrepreneurship.
  • Assist participants to become bankable and avail credit facility from banks to set up their own enterprise.

Small Industries Development Bank of India (SIDBI)

SIDBI is principal development financial institution for promotion, financing and development of Micro, Small and Medium Enterprises (MSME) sector in India. It was established on April 2, 1990 through an Act of Parliament (thus, it is statutory body). It is headquartered in Lucknow, Uttar Pradesh. It facilitates and strengthens credit flow to MSMEs and address both financial and developmental gaps in MSME eco-system across the country.

India ranked 28th on government’s adoption of e-payments in 2018: EIU

 India was ranked 28th among 73 countries in 2018 Government e-Payments Adoption Ranking (GEAR). India has jumped by eight positions in this ranking from 36th in 2011 which reinforces country’s progress towards digital transformation. Norway has topped 2018 GEAR list scoring 89.7 points in seven categories.

2018 GEAR

It is an Economist Intelligence Unit (EIU) global Index and benchmarking study commissioned by financial services corporation Visa. It ranks governments by quantifying their e-payment capabilities based on various indicators. It evaluates extent to which major countries around world have adopted e-payment systems, based on digital platform. The ranking is based on seven parameters viz. Government-to-Citizen (G2C), Citizen-to-Government (C2G), Business-to-Government (B2G), Government-to-Business (G2B) transactions, infrastructure, socio-economic and policy environment.

India’s performance in 2018 GEAR

India leads B2G category, along with other countries like Australia, Singapore and South Korea. It also leads in G2B category as well, along with four other countries. It was ranked third C2G category, along with four other countries, while France and UAE has topped the list in this category. In G2C category, India still lags behind at 25th place. It was also ranked very low at 58th position in infrastructure and socio-economic categories. In the socio-economic category, India was ranked 60th out of 73 countries. In policy environment, it was ranked low at 40th.