rural economy Current Affairs - 2020

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6th World Congress on Rural and Agricultural finance

The World Congress on Rural and Agricultural Finance (WCRAF) began in New Delhi on November 12, 2019. It aims at bringing together stakeholders of rural and agricultural finance all over the world. The Congress is an opportunity to strengthen business relations and to promote products and services.

Background

The Congress is held at regular intervals of 3 year period.

  • The first Congress was held in Addis Ababa, Ethiopia in 2005.
  • The second congress was held in Bangkok in 2007.
  • The third Congress was held in 2010 in Marrakech, Morocco.
  • The fourth Congress was held in Paris in 2013
  • The 5th Congress was held in Dakar, Senegal in 2016.

6th Congress

The 6th WCRAF is being held in New Delhi. The Congress is co-hosted by NABARD-National Bank for Agriculture and Rural Development, Asia Pacific Rural and Agricultural Credit Association and Ministry of Agriculture and Farmers Welfare.

Theme: “Rural and Agricultural Finance: Critical Input to achieve Inclusive and Sustainable Development”

Objectives

  • To promote Global value chains in agriculture
  • To help in tackling food security
  • To ensure agriculture is in line with sustainability, natural resource conservation and social harmony.

To achieve the objective the financial institutions should constantly evolve innovatively to provide rural people stable and constant financial services.

Significance

The Congress gives importance to financial institutions that promote agricultural and rural finances. These financial systems also help maintain social and environmental balances with their strong efforts.

The Congress aims at achieving the SDG Goals 1 and 2

SDG-1: Economic Growth should be inclusive providing sustainable development and promoting equality to end poverty by 2030

SDG-2: To promote investment in agriculture to enhance sustainable agricultural productivity and sustainable food production.

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Startup India-WhatsApp Grand Challenge

The Facebook-owned messaging app WhatsApp has announced Startup India-WhatsApp Grand Challenge to encourage entrepreneurs and small businesses in India.

About the challenge

The challenge is being hosted in association with Invest India. The top 5 winners would receive a cash prize worth $250,000 (roughly Rs. 1.8 crores).

The challenge is aimed at encouraging the entrepreneurs who have innovative ideas, business models that solve for a local India problem, making a large scale socio-economic impact.

The themes for this Start-up challenge are healthcare, rural economy, financial and digital inclusion, education and citizen safety.

The applications will be evaluated by an independent evaluation committee and out of which the best 30 ideas will be shortlisted for the subsequent round and further 10 in the following round.

The selected 10 ideas would participate at the live pitch day during the grand finale and the top 5 would be awarded grants worth $250,000 (roughly Rs. 1.8 crores).

Invest India

Invest India is a not for profit entity established under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry in 2009.

It is a national investment promotion and facilitation agency focussing on sector-specific investor targeting and development of new partnerships to enable sustainable investments in India.

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