THE television set plays the news on mute at a microfinance executive’s home in Noida. A prime-time panel of experts is having a spirited debate about an exit strategy— how to ease coronavirus restrictions, find a way out of the pandemic, and revive the battered economy. The executive watches silently, without blinking, eyes glued to the ticker scroll running at the bottom of the screen. The branch manager of a microfinance company and his field officer were assaulted and arrested in Sarangarh district of Chhattisgarh for breaching stay-at-home orders. They were trying to recommence field operations of lending and collection of dues. Another such assault was reported from West Bengal. At the heart of any revival plan is the nation’s microfinance market, the largest in the world, catering to more than 120 million homes that have no access to financial services. Indian micro, small and medium enterprises (MSMEs) and the farm sector are the biggest beneficiaries of the microfinance institutions (MFI). And these sectors have clearly suffered a one-two punch and cannot afford any missteps. But instructions from the Centre and states to let MFIs resume limited operations aren’t clearly percolating down to local administrations. The Chhattisgarh and Bengal cases are grim reminders.
As the uncertainty over the lockdown extending beyond May 3, raising fears of more wage, job and business losses, the RBI recently offered a ray of hope with its second tranche of liquidity and regulatory measures. The package offers a special refinancing facility of Rs 50,000 crore to NABARD, SIDBI and NHB. This raised optimism for businesses and agriculturists seeking funds. But will that be enough for thousands of MSMEs, local businesses and the agriculture sector to restart operations after shuttering their doors for more than 40 days?
Denne historien er fra May 11, 2020-utgaven av Outlook.
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Denne historien er fra May 11, 2020-utgaven av Outlook.
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