Jammu Tawi: In a landmark convergence of innovation and impact, SIDBI announced support to 12 grassroot level organisations from across the country aimed at catalysing positive change in society and communities through a Challenge Fund and investment through Social Stock Exchange (SSE).The event was graced by Shri Subhas Chandra Lal Das, IAS, Secretary, Ministry of MSME, GoI; Ms. Christina Scott, CMG, Deputy High Commissioner to India, British High Commission alongwith Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI; Shri Prakash Kumar, Deputy Managing Director, SIDBI; Smt. Vineeta Sahay, Director, IIM Bodhgaya and Prof. B. S. Sahay, Director, IIM Jammu. Out of a large number of entries received from across the country, SIDBI announced grant support under its Swavalamban Challenge Fund Series – III to 10 agencies selected through rigorous evaluation process by independent jury, recognizing their innovative promising ideas revolving around the themes of ‘Innovations in Livelihoods & Financial Inclusion’, ‘Enterprise Solutions for Building Rural Economy’, ‘Special Category Entrepreneurship Promotion’, ‘Strengthening Market Connect for Artisans’ & ‘Sustainable Initiatives for Enterprise Creation & Social Cause’.Further, recognizing the transformative power of finance for social work, SIDBI proudly announces its investment in 2 organizations viz., TRIF & Mukti via the emerging Social Stock Exchange (SSE). CMD, SIDBI digitally transferred the investment to the Escrow accounts of these entities in exchange of Zero Coupon Zero Principal Bonds. SIDBI aims to channelize capital towards enterprise and initiatives that prioritize social and environmental impact through the innovative mechanisms of SSE.Additionally, SIDBI celebrates the launch of its report ‘SRF Projects Through Gender Lens 2020-2024’, a comprehensive review of SIDBI’s gender focused grass root level initiatives through its various programs of development and impact. Speaking at the event, Subhas Chandra Lal Das, Honourable Secretary, Ministry of MSME, GoI emphasized the importance of MSMEs for the economic progress and the to address the challenges faced by them. Speaking at the event, Sivasubramanian Ramann, Chairman and Managing Director, SIDBI in his address, reiterated SIDBI’s commitment to supporting the innovative ideas and enterprises and mentioned that Swavalamban Challenge Fund is a step in that direction. Christina Scott, CMG, Deputy High Commissioner to India, British High Commission emphasized the importance of entrepreneurship and start-ups in partnership with India. She stressed the need for collaborative efforts between the government and private sector to create an enabling environment for entrepreneurs to thrive. She re-iterated that gender, inclusion, and diversity are at the heart of the investments made for economic growth.
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