Union Minister for Commerce and Industry Honours Winners of Citigroup Micro Entrepreneur Award 2005
Honourable Union Minister of Commerce and Industry, Shri Kamal Nath honoured 11 winners of the prestigious Citigroup Micro Entrepreneur Awards 2005 at a function in New Delhi today. The Citigroup Micro Entrepreneur Award programme acknowledges entrepreneurial skills and exemplifies the spirit of the winners – micro entrepreneurs who have exhibited a superior ability to emerge from below the poverty line through the use of micro-credit to build self-sustaining enterprises, create employment and contribute meaningfully to their communities. Conceptualised by Citigroup and implemented by Partners in Change, a not-for-profit organization, the Award programme is executed through grant support of US $200,000 from Citigroup Foundation.
The Award programme is classified in three different categories – National Micro Entrepreneur, National Runner-Up and Socially Responsible Micro Entrepreneur. Keeping in mind the different social, cultural and economic challenges in the various parts of the country, awards in each category are given for each region – East, West, North and South.
Each National Awardee has been presented a cash endowment of Rs.100,000/-. The National Runners-Up receive Rs.50,000/-. Winners in the National Award for Social Responsibility category have been recognized with prize money of Rs.100,000/- each. The NGOs’ which nominated the Awardees too receive a special citation.
The Award presentation ceremony marked the culmination of a year-long programme. 2005 assumed special significance since it had been designated International Year of Microcredit by the United Nations (UN). The Citigroup Micro Entrepreneur Award 2005 was in association with the Global Micro Entrepreneur Award (GMA) program launched by the UN across 38 countries to mark the International Year of Microcredit 2005. In India, United Nations Development Programme (UNDP), the UN’s global development network, partnered Citigroup for this year’s award.
In accordance with the spirit and building on the successes of the inaugural Award programme in 2004 where applications were invited only from micro entrepreneurs based in urban areas, the size and scale of the 2005 Award programme was expanded to include micro entrepreneurs located in both urban and rural areas across all states and regions within the country. A stupendous response resulted in over 800 applications being received from all across the country.
To ensure an independent and rigorous evaluation methodology, entries for the Awards were initially examined and shortlisted by a screening organization in each region – the Indian Institute of Management, Bangalore; the Indian Institute of Management, Kolkata; Faculty of Management Studies, Delhi; and SP Jain Institute of Research and Management, Mumbai. An eminent Jury (one for each region – East, West, North and South)
deliberated and selected the winners. A distinguished eight-member National Advisory Council (NAC) guides the award process to align it with its goals.
Speaking on the occasion, Dr. Ms. Maxine Olson, UN Resident Coordinator and UNDP Resident Representative, who is also a member of the National Advisory Council for the Award, said, “For decades, microfinance has been changing people’s lives and revitalising low-income communities that were otherwise limited by poor and inefficient access to financial services. Recognising this, the ‘International Year of Microcredit 2005′ has called for building inclusive financial sectors and strengthening the untapped, entrepreneurial spirit of the self-employed class, around the world. The Citigroup Micro Entrepreneur Award is a superlative effort in this direction – a tribute to the resourcefulness of micro entrepreneurs - broadening our understanding of micro enterprises and the contribution they make to the world economy.”
Dr. Olson said the Citigroup Micro Entrepreneur Award 2005 was a part of the Global Micro Entrepreneurship Award (GMA) programme launched by the United Nations in over 30 countries to mark the United Nations International Year of Microcredit. “In India, we are delighted to be partnering with the Citigroup for this landmark observance”, Dr. Olson observed.
Reinforcing Citigroup’s commitment to micro finance, Mr. Sanjay Nayar, Citigroup Country Officer - India and Area Head, Sri Lanka and Bangladesh said,”Citigroup identified microfinance as an area of focus for its corporate social responsibility in 1997, and we have been supporting NGOs/MFIs working in this field through capacity building grants since then. It is our belief that this method for poverty alleviation is key to long-term sustainable development in our country. The Micro Entrepreneur Award is a reflection of Citigroup’s continued focus on micro finance as an essential component of its social responsibility initiatives. The award programme places micro entrepreneurs on centre stage and illustrates how, given the right support, the entrepreneurial spirit that exists in impoverished communities, can be kindled to spark and act as a catalyst for economic development.”
According to Mr. PS Jayakumar, Country Business Manager, Global Consumer Group, Citigroup India, said,”Micro enterprises have a significant role in building a financially self sufficient community and it is important that small business owners receive the economic support and training that will allow them to grow their businesses and create a viable, sustainable means of supporting their families. The Citigroup Micro Entrepreneur Award 2005 is a step towards strengthening micro enterprises and encouraging and acknowledging best practices.”
In 1997, Citigroup was one of the first companies in India to identify micro credit as a key driver for social empowerment and sustainable development. Since then, Citigroup has partnered many NGOs in the area of microfinance through grant support, employee volunteerism, cause-related marketing and best-practice sharing. Today, the efforts of Citigroup, along with its NGO partners have impacted the lives of more than two million women and their families in India.
In the last four years alone, the Citigroup Foundation has awarded more than US$11 million in grants to 145 microfinance partners in more than 50 countries. The Foundation’s grants are awarded primarily in three areas: Financial Education, Educating the Next Generation, and Building Communities and Entrepreneurs.
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