[SMEs - ROLE OF MFIs ]
SUBMITTED TO : Dr. C. KISHAN RAO
SUBMITTED BY: GROUP 1
HIMA BINDU AGASTYA MANIKANDAN C PRINCE SURANA RITU B SALINI CHERAKULA SATYA SWAROOP KOTA SESHU PINNAMANENI SONAM JAGGA
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In the past two decades, India has been making sustained progress on a scale, size and pace that is unprecedented in its own history. A low-income country with mass poverty at the time of Independence in 1947, India now has a diminishing pool of very poor people and is poised to cross the threshold to join the ranks of the world’s middleincome countries. Over these past 62 years, the country has been successful on a number of fronts but still as far as 2009 report is concerned, India ranks at 134 in Human Development Index which has been dropped down by 2 rank compared to previous year and it stood at 89th as far as Below Poverty Line is concerned, in which 25% of population today in country are still below poverty line. So as far as India’s budget 2009-10 is concerned it has given more importance on rural development and inclusive growth. Finance minister have considered some of areas as key focus for inclusive growth and those were, reducing the BPL population by 50% by 2014, increasing job opportunities for the poorer sections, improving housing facilities and better rural infrastructure has been read to mean a greater opportunity to put money into the hands of the have-nots. But still even if they were provided with money it won’t be sufficient enough to raise standard of living. There should have to be something done to improve them from lower economic stage. Many microfinance institutes, self help groups and govt of India’s initiatives like NREGA, PMGSY, BHARAT NIRMAN, and NSAP etc were involved in the process of supplying money to people to alleviate poverty and raise the standard of living. But it is found that most of MFI’s were concentrated only in specific regions. So this also is not sufficient to cover entire population. There is growing evidence all over the world that Small and Medium Enterprises (SMEs) play a significant role in the national economic development of any country. They provide majority of new jobs and produce much of the creativity and innovation that fuels economic progress. The extra growth over the past several years throughout the industrialized countries has been due to the growth of SMEs. In India, the Ministry of Micro, Small and Medium Enterprises (MSME) is implementing the promotional schemes for the development of micro, small and medium enterprises. Microfinance institutions were financing these enterprises apart from other major financial institutions. But it is still found that financial assistance alone is not enough for growth of SME’s and it is much more beyond that they need knowledge i.e. information. In simple terms rather than providing them with subsidy or money, they just have to be loaded with ways and means to generate sustainable livelihoods and there information should have to be loaded among the masses. So this
integration of MFI’s and information system in SME to promote rural development will be discussed in detail in the following part.
GOVERNMENT INITIATIVES: The first and the primary focus should be to examine government policies impact on the human resource base of rural India. Has it energised, mobilised, empowered, and delivered to India’s poorest and most marginalised rural people? Secondly, has it provided those who were “not shining” a measure of dignity, tangible economic benefit, and a motivation to participate in local action? NREGA: Notwithstanding negative propaganda and the prominent reportage of corruption, NREGA stands apart from employment and poverty alleviation programmes in significant ways. It is the first national programme of consequence which has woven transparency and accountability into the mundane fabric of daily interaction of people with government. The cases of reported corruption have shocked the intelligentsia. The rural worker might often be the victim but will still offer critical support, not only because it has provided wage income, but also for facilitating disclosure, which helps identify and fight pilferage. In fact, in many cases, scams have been exposed by the workers themselves. NREGA gives an opportunity to break the feudally enforced silence of its victims. Through transparency and social audit measures, it allows anyone, anywhere to be part of the monitoring of the delivery system. The other programmes appear to be clean only because no one knows what goes on! The NREGA gives a further opportunity to realise the Constitutional sovereignty, the power of the people. What the political establishment would do well to understand is that the vote was not a blind endorsement, but the expression of a fragile hope of a rational participatory relationship with the government. New claims The NREGA has opened up a unique legal space for the poor, with a consequent, legally-mandated obligation on the administration to deliver. In fact, implementation rests on the simple philosophy that ordinary people will go to great lengths to procure their entitlements, given the space to do so. Apart from systemic corruption, we are all aware of the chronic inefficiency, unwillingness and incapacities of the bureaucratic system to deliver entitlements for the poor. The persistent argument was that in this
context implementation would be impossible. The NREGA sought to create real opportunities and legal spaces, with the belief that people will begin to push to overcome bureaucratic and political resistance. The political class would do well to understand that the most important solution is an assertion of its will to respond to people’s voices. The many wise, creative, and innovative initiatives emerging from theory and practice have a future only if they are owned by the people and implemented with justice. The NREGA can give people an opportunity to make the entire system truly transparent and accountable. Properly supported, people’s struggles for basic entitlements can, in turn, become the strongest political initiative to strengthen our democratic fabric. PMGSY The primary objective of the PMGSY is to provide Connectivity, by way of an All-weather Road (with necessary culverts and crossdrainage structures, which is operable throughout the year), to the eligible unconnected Habitations in the rural areas, in such a way that all Unconnected Habitations with a population of 1000 persons and above are covered in three years (2000-2003) and all Unconnected Habitations with a population of 500 persons and above by the end of the Tenth Plan Period (2007). In respect of the Hill States (North-East, Sikkim, Himachal Pradesh, Jammu & Kashmir, Uttaranchal) and the Desert Areas (as identified in the Desert Development Programme) as well as the Tribal (Schedule V) areas, the objective would be to connect Habitations with a population of 250 persons and above. The PMGSY will permit the Upgradation (to prescribed standards) of the existing roads in those Districts where all the eligible Habitations of the designated population size have been provided all-weather road connectivity. However, it must be noted that Upgradation is not central to the Programme and cannot exceed 20% of the State’s allocation as long as eligible Unconnected Habitations in the State still exist. In Upgradation works, priority should be given to Through Routes of the Rural Core Network, which carry more traffic Bharat Nirman Every village to be provided electricity: remaining 1,25,000 villages to be covered by 2009 as well as connect 2.3 crore households Every habitation over 1000 population and above (500 in hilly and tribal areas) to be provided an all-weather road: remaining 66,802 habitations to be covered by 2009
Every habitation to have a safe source of drinking water: 55,067 uncovered habitations to be covered by 2009. In addition all habitations which have slipped back from full coverage to partial coverage due to failure of source and habitations which have water quality problems to be addressed Every village to be connected by telephone: remaining 66,822 villages to be covered by November 2007 10 million hectares (100 lakhs) of additional irrigation capacity to be created by 2009 60 lakh houses to be constructed for the rural poor by 2009 While the agenda is not new, the effort here is to impart a sense of urgency to these goals, make the programme timebound, transparent and accountable. These investments in rural infrastructure will unlock the growth potential of rural India.
NSAP The National Social Assistance Programme l (NSAP) which came into effect from 15th August, 1995 represents a significant step towards the fulfillment of the Directive Principles in Article 41 of the Constitution. The programme introduced a National Policy for Social Assistance for the poor and aims at ensuring minimum national standard for social assistance in addition to the benefits that states are currently providing or might provide in future. NSAP at present, comprises of Indira Gandhi National Old Age Pension Scheme (IGNOAPS), Indira Gandhi National Widow Pension Scheme (IGNWPS), Indira Gandhi National Disability Pension Scheme (IGNDPS), National Family Benefit Scheme (NFBS) and Annapurna. CAPART works with the objective of improving the quality of life in the rural areas, particularly the poor and socially disadvantaged sections of society. Thus, people below the poverty line, people belonging to the scheduled castes and tribes, bonded labour, women and people with disabilities are priority focus groups for CAPART.
CAPART To support voluntary organizations in implementing projects for sustainable development in rural areas.
To act as a national nodal point for development and promotion of appropriate rural technologies. To promote and support voluntary action and people's participation for rural development, through capacity-building for voluntary organizations and rural communities. To act as a data bank and clearing house for information on the voluntary sector, rural technologies and rural development. Facilitating community action for development. Building awareness on critical development issues. Building and strengthening village-level people and organizations. Promoting the development and dissemination of appropriate rural technologies. Strengthening the capacities of voluntary organizations in rural areas. Creating employment opportunities and economic selfreliance. Creation of community assets and fulfillment of basic needs. Conservation and regeneration of the environment and natural resources. Enabling women, persons with disabilities and other disadvantaged groups to participate in development In pursuit of these goals, CAPART provides financial and resource support to voluntary organisations in conceptualising, developing and implementing a wide range of projects and development interventions. CAPART receives the bulk of its funds from the Government of India. We also have partnerships with international donors to facilitate routing of funds to voluntary organizations working for rural development.
INFORMATIONAL INITIATIVES MySME News MySME News is a pioneering service which aims to provide the poor in India with essential business news while also reaching operating profit within two years. It will exploit the rapid spread of mobile phones in India’s slums, as well as rely on traditional media to reach a broad customer base with individually tailored services. Internews Europe, Mahiti and Plural India are launching the MySME News pilot in the Slums of Kolkata, West Bengal with 300,000 Micro-finance
entrepreneurs. They have received funding from the EC, but seek co-financing to expand the power of the model. MySME News will blend the power of technology with existing realities and social networks in India's slums and villages to build a 'Bottom of the Pyramid' media business, and new models of pro-poor media sustainable in the market place. Highlights Market News with wide-ranging delivery methods mobile, newsletter handouts, radio. For the first time ever,millions of poor people can receive personally customized information tailored to their needs. Closing the information gap between the rich and the poor with news you can use on prices, markets, business, health and livelyhood information, available in your language - when and where you want. Potentially broad reach, exploiting the explosion of mobile ownership in India (300 million subscribers and counting). Mixture of Models, non-profit for training and set-up, forprofit revenue splits with telecom companies & advertising streams. Traditional Media tie-ins, mobile-based individual subscriptions cross-marketed on broadcast & print media outlets. In the middle of the technology curve, although geared to work on 'Any Handset Any Network', the project will also position for JVs with the telecom, IT and media industries to exploit tech advances fresh from the labs, including Bluetooth, 3G, Wi-Max, Smart Cards, VOIP and other voice technologies.
AIRTEL FIRST RURAL SERVICE Aritel’s initiative was based on consumer insight highlighting different behavioral patterns of customers in rural or emerging smaller towns and villages. The centers are aimed at penetration into the remote villages, offering rural customers enhanced network coverage at affordable rates. The concept involves a ‘combination of distribution and service’ and would serve as a one-stop shop for all mobile-related queries and provide various value-added services to those in the rural areas. The service centers will benefit those who
are not tech-savvy or familiar with SMS. Consumer queries are directly routed to trained agents who will specifically address their needs. Identification and training of entrepreneurs who run multibrand outlets in suitable locations with easy access, is an important aspect of the initiative,” he said. A typical service centre (iServe model) is equipped with a multi-function printer and photocopier machine, thus making documentation easier for a new mobile customer in a village. SPOKEN WEB In India and several other countries, the number of mobile phone subscribers far exceeds the number of personal computer users, and continues to grow at a much faster pace (it has already crossed the 450 million mark in India). We will present Spoken Web, an attempt to create a new world wide web, accessible over the telephone network, for the masses in these countries. The Spoken Web is based on the concepts of Hyperspeech and Hyperspeech Transfer Protocol that allow creation of “VoiceSites” and traversal of “VoiceLinks". We describe a simple voice-driven application, which allows people, without any information technology background, to create, host, and access such VoiceSites, and traverse VoiceLinks, using a voice interface over the telephone. We present our experience from pilots conducted in villages in Andhra Pradesh and Gujarat. These pilots demonstrate the ease with which a semiliterate and non-IT savvy population can create VoiceSites with locally relevant content, including schedule of education/training classes, agicultural information, and professional services, and their strong interest in accessing this information over the telephone network. SME SCENARIO In India, the Micro and Small Enterprises (MSEs) sector plays a pivotal role in the overall industrial economy of the country. It is estimated that in terms of value, the sector accounts for about 39% of the manufacturing output and around 33% of the total export of the country. Further, in recent years the MSE sector has consistently registered higher growth rate compared to the overall industrial sector. The major advantage of the sector is its employment potential at low capital cost. As per available statistics, this sector employs an estimated 31 million persons spread over 12.8 million enterprises and the labour intensity in the MSE sector is estimated to be almost 4 times higher than the large enterprises, so funding these enterprises is a big task. Micro financing institutions providing funds to SMEs include banks, social investing institutions (NGO-MFIs), NBFCs which include commercial MFIs e.g. Spandana, Basix etc. Micro financing literally
are not just credit providers but should also assist in financial counseling, savings and risk mitigation products. On the financial services perspective the advantage for SME in case of bank MFI is that it can get funds regularly and in case of non bank MFI is the ability to understand and respond to the borrower. The criticism is that most banks, being risk averse, have now shifted to lending to MFIs at not-so-competitive rates, who in turn, transfer some of the high interest costs to the end-borrowers as within the 40% target of Priority Sector Lending for banks, there are no minimum targets for the SSI/SME sector itself. So, there might be merit in the argument that micro-finance is tending to replace credit to SMEs. Under the new budget, providing a special fund of Rs 4,000 crore out of Rural Infrastructure Development Fund (RIDF) to Small Industries Development Bank (SIDBI) has been proposed. This fund of Rs 4,000 crore will help banks and State Finance Corporations (SFCs) to lend to Micro and Small Enterprises (MSEs) by refinancing 50 per cent of incremental lending to MSEs in 2009-2010 To make sure that the microfinancing institutions provide not only financial assistance but also provide them additional assistance, SMERA (Small Medium Enterprise Rating Agency) has launched rating service for MFIs also. SMERA-MFI Rating is an independent, third party comprehensive assessment of various risks involved in financial as well as social performance of a MFI. Which will boost MFIs to perform better in the future in desire to get good ratings.
MICRO BORROWING AND MFI’s The growth of microfinance is visible in many aspects. There are more than 2000 NGOs involved in the NABARD SHG-Bank linkage program. Out of these, approximately 800 NGOs are involved in some form of financial intermediation. Further, there are 350 new generation co-operatives providing thrift and credit services. According to our estimate, the present total outstanding, including Sa-Dhan members and bank linkages is approximately Rs.700 crores (Rs. 150 crores of Sa-Dhan members and another Rs. 550 crores from the Banking system). The total client base is estimated at 6-8 million as opposed to the Government of India (GOI) intention to reach 25 million clients. The growth of community institutions has taken place with the role to take social and financial intermediation. A numbers of community banks have come into existence at village and block levels call ' Federation of Self Help Groups'.
The inadequacies of the formal financial system to cater to
the needs of the poor and the realization of the fact that the key to success lies in the evolution and participation of
community based organizations at the grassroots level led to the emergence of new generation of MFIs. One kind of MFI is an NGO engaged in promoting Self Help Groups (SHGs) and their federations at a cluster level and linking SHGs with Banks under the Scheme. Examples are Myrada in Karnataka, which has promoted Sanghmitra, a company of its village saving and credit sanghas, PRADAN which has established a large number of SHGs and federated them under Damodar in Bihar, Sakhi Samiti in Rajasthan.
kind is NGO-MFI directly lending to the poor borrowers, who are either organized into SHGs or into Grameen Bank type of groups after borrowing bulk funds from SIDBI, RMK and FWWB. Examples in this category are Rashtriya Gramin Vikas Nidhi (RGVN) which runs credit and savings programme in Assam and Orissa on the lines of Grameen Bank, Bangladesh. Also we have SHARE in AP, ASA in Tamil Nadu under this category.
are MFIs which are specifically organized as cooperatives, such as over 500 Mutually Aided Cooperative Thrift and Credit Socities (MACTS) in AP, promoted among others by Cooperative Development Foundation (CDF) and the SEWA Bank in Gujarat which also runs federations of SHGs in nine districts.
Then we have MFIs, which are organize as Non-Banking
Finance Companies (NBFC) such as BASIX, CFTS Mirzapur, SHARE Microfin. Ltd and Sarvodaya Nanofinance Ltd.
However there is a major gap in the services provided by the sector due to regulatory restrictions, savings products have not been offered until now. Transaction costs, defined as lending costs exclusive of cost of funds and default costs, currently contribute significantly to the high interest rates charged to the borrowers while relatively small size of loans and high frequency of transactions are inherent in micro
finance, the challenge is to nonetheless lower transaction costs substantially. There is currently an absence of a robust database for the microfinance sector, a gap which must be addressed if the potential of this sector is to be realized, and for better public policies and regulation. It is estimated that there are around 800 MFIs in India. They cover 7.3 million households (about 30 million persons) of which about half may be classified as poor. Direct and indirect linkages between SHGs and banks under the SBLC cover around 22 million households or over 100 million persons. The combined disbursement of MFIs and the SBLC as on March 2006 was around Rs. 200 billion (approximately US$ 5 billion, equivalent to only 0.6 per cent of GDP). This is fairly low, suggesting, considerable scope for developing the sector. The current volume-driven approach of most MFIs—especially the well established ones, who have been doubling or quadrupling client numbers in magical spans of time—has thrown up some worrisome trends. For example in Kolar, Mysore and Ramanagaram, a small town all in Karnataka there is a major mass default which was basically the result of over-lending by the MFIs, which further leads to “social tensions” and fuels a cycle of indebtedness. Although the demand for credit is widespread, MFIs are not evenly distributed geographically. MFIs are clustered primarily in the south, with two-thirds of all MF clients being in AP, TN and Karnataka. The growth appears to be getting concentrated in certain geographies and not covering newer or unlinked areas. The net result is that in some localities, a large number of poor people now owe money to more than one agency, making repayment a burden and increasing the chances of default. And this race for numbers might end in a larger number of perpetually debt-ridden people. Lack of systems to check the loan-utilization is another main reason for failing to achieve the primary motive of MFIs. For instance, Ujjivan Financial Services has reported to have admitted that it is well-known that loan clients lie about the purpose of the loan. Recent trends in commercialization have given rise to the apprehension that social objectives of microfinance – to provide a means for poor to improve their livelihood through financial inclusion – is diluted by targeting richer clients to increase profits, the so-called “mission drift.” This mission drift in MFIs from being a “social agency” to becoming a “primarily lending agency that wants to maximize its profit” is an effort to attract investors. It has been observed that, MFIs are able to reach the poor effectively mainly because they have designed products and
channels, which are friendly and suitable to the need of the poor. However, MFIs outreach is limited in comparison with the mainstream financial institutions because of the shortage of financial and human resources. MFIS need grants to build their own capacity as well as that of the borrowers or SHGs. A vast majority of MFIs are NGOs registered under the Societies Act or Trust Act, and they cannot mobilize large amount of lending funds due to the inappropriate legal and financial structure. A few MFIs which have registered as Non-Banking Finance Companies (NBFCs) are able to mobilize equity from development financial institutions and leverage these with borrowing from commercial banks. However, the regulatory framework is not conducive for these MFIs. Unfortunately, in India the dominant reform agenda of the mainstream sector clouds the reform and attention that is required at the bottom end. The past few years though has seen an appreciable increase and support to this problem. The present economic advisory team under the leadership of the Prime minister though (PMO) has brought increasing focus to this problem and a group has been constituted to deal with these problems.
POSITIVE ASPECTS: The RBI in its Annual Policy Statement for the year 2005-06, urged all the banks in the country to review their existing practices to align them with the objective of financial inclusion. The SHG-Bank linkage programme of NABARD has emerged as the primary model for providing Micro Finance services in the country. It is a proven tool for extending access to formal financial services to the unbanked rural clientele. Government is providing support to low income groups through programmes like the National Rural Employment Guarantee Scheme (NREGS) for inclusive growth. Also, in recent budget it was declared that the Rashtriya Mahila Kosh, which has been working towards the facilitation of credit support or microfinance to poor women and has developed a number of innovative schemes for their benefit, will be rewarded with a corpus of Rs 500 crore from the present Rs 100 crore. Since many MFIs are funded and have built scale, venture firms and private equity funds are waiting to enter the industry. They provide startup capital to MFIs, help them build capital and asset base, and make them ready for larger rounds with financial institutions and VC firms. In July 2009, SKS Microfinance, the largest MFI in India, announced a $10 million strategic investment from general and life
insurance firm Bajaj Allianz Life Insurance. The deal signals the significance of how the client network built by MFIs could serve as a distribution channel for products like micro-insurance besides credit. VIABILITY: Microfinance in rural areas by itself cannot eradicate poverty. Credit may be a trigger for growth, but it requires a context of all-round development to function. There is a need for self-regulation by smaller microfinance institutions and NGO’s. Over-regulation at a time when the entire microfinance sector is at a nascent stage of growth could throttle the growth potentials of the SHG’s. FUTURE OUTLOOK The positive shift in (turnover & order booking) the second quarter of 2009-2010 vis-a-vis the first quarter may be attributed to the "Trickle down affect" of the various measures announced as part of the stimulus packages announced by the Government of India & the Reserve Bank of India, during the December 2008 & January 2009. The positive sentiment built up in the second quarter of 2009 - 2010 is expected to carry forward into the third & the fourth quarter of 2009-2010. As part of the MSME Outlook survey, an analysis of various factors that inhibit the growth and development of MSMEs in India, revealed that the Ten key issues, that entrepreneurs found as the major impediments to their growth, in order of decreasing priority are Delayed payments, High cost of credit, Lack of availability of credit, Absence of Government support for growth, Lack of availability of risk capital, Complex indirect tax structure & lack of understanding on the forthcoming GST, Norms for collateral/margin requirements, Infrastructure bottleneck, Absence of preference for being a part of the supply chain for the Government, Compliance with labour laws, Non transparent credit appraisal norms and Lack of usage of Information and Communication Technology (ICT). The challenge to be addressed would be how to provide access to finance on a universal basis with every individual having access to a basic set of essential financial services. To provide this access the following steps appear to be necessary: 1. Development of a network of community based financial institutions, which have the ability to provide these financial services. This network of institutions could comprise of Micro Finance Institutions, local bank branches, Non-Government Organizations or cooperatives, as the case may be. The requirement is that these institutions are able to develop operating models that
draw on local information and sufficiently low cost structures that make the business of serving the poor sustainable over a mediumterm. Within India, the belief is that a network of 200 such entities, each with the capability to serve a million households, would be needed. 2. The participation of one or more (but even one would suffice) main-stream financial institutions that are willing to partner with these 200 entities to provide: (a) Financial resources for on-lending. ICICI Bank has developed the ‘partnership model’ that uniquely leverages the local presence of Micro Finance Institutions with the ability of the bank to diversify risk and provide wholesale lending funds in large quantum. (b) Access to equity capital at both at the start-up stage as well as for growth. (c) Financial engineering (securitisation, take-out finance) and product development (health insurance, rainfall insurance,8 savings, risk management). (d) Links with capital markets as the entities mature. 10) It expects an equally rapid growth in the provision of savings, insurance and risk management services. CONCLUSION & SUGGESTIONS In India the micro-finance institutions have some regulatory restrictions like they cannot accept deposits. This makes them dependent on the government loans and donations for their working capital. If they are allowed to accept deposits from their customers then they will be able to generate their own sources of funds which they can disburse. This will enhance their lending capacity. Since borrowing is often riskier than saving for example, a woman could save or borrow to buy a sewing machine. If a child falls ill, savings could be tapped to pay for medicine; debt repayment might preclude medical treatment. MFIs should include both savings and credit products. The provision of savings products will enable MFIs to offer a more complete suite of products to low income groups. There is disproportionate reliance on group lending. The MFIs in particular need to shift from group to individual-based lending. This will require focus on development of appraisal skills and more modern management information systems. Furthermore, although not all people are creditworthy or want debt, all people are deposit worthy and want assets.
Another aspect is that the MFIs in India are not well regulated. The proper regulation should be there since this market is now developing at rapid speed. There should alsobe self regulation. There should be collaborations between banks and MFIs which will help both, the banks and the MFIs. The banks will be able to lend to priority sector described by RBI and the MFIs will get easy funding. With the loaning facilities other financial services should also be given focus like micro-insurance, micro-deposits etc. The number of people opting for micro-finance is increasing. So this can be an effective tool for eradicating poverty. Microfinance is proved to be a very effective tool against the poverty. For MFIs the arrangement of funds is not the only problem but the human resource i.e. finding training attracting and retaining the staff is also a major concern. There should be more focus on the literacy of the borrowers to make them more aware and also to make the proper use of the loan taken. The focus should not be only on rural segment but the urban people who are BPL (Below Poverty Line) should also have access to the micro-finance facility. The growth in SHGs is very good in India but it is still not growing in comparatively underdeveloped states like Jharkhand, Himachal Pradesh, Uttar Pradesh and Madhya Pradesh than the states like Maharashtra, Bihar, Assam and Rajasthan. These states with low growth but high need should be given more priority. And this also shows that this is also related with literacy. So more focus should also be given on education and awareness. REFERENCES:
1.http://www.microfinancefocus.com/news/2009/07/06/indian-budget-bang-on-financialinclusion-microfinance-tops-rural-agenda/ 2. http://www.thehindu.com/2009/07/07/stories/2009070759720800.htm 3. http://www.boloji.com/opinion/0755.htm 4. http://www.financialexpress.com/news/inclusive-growth-and-smes-set-to-top-pranabsagenda/479518/ 5. http://www.rural.nic.in/