Artisans in North East: The UK-based SME-focused digital banking services provider Tide on Wednesday announced signing a memorandum of understanding (MoU) with the North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) in order to empower and digitise the handloom and handicrafts sector in the Northeastern region.
The collaboration aims to foster financial inclusion for nearly 2.1 million handloom weavers and 3.5 million handicraft artisans across 800 clusters in Northeast India and provide them with greater market access. According to a company release, the project will enable the handloom sector to use digital tools based on Artificial Intelligence, Internet of Things (IoT), and ERP implementation, for inventory tracking and mapping, among others.
Gurjodhpal Singh, CEO, of Tide India, said, “Our partnership comes at a time when the Government of India has been pushing digitalisation of the handloom and handicraft industry. We are proud to partner with NEHHDC and are confident that our initiative will not only help enhance financial inclusion for these businesses but also create newer avenues to increase business opportunities and boost Indian art and heritage.”
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As a part of the MoU, Tide will help with the financial inclusion of the weavers and artisans from the region, and provide masterclasses on topics such as leadership, marketing, capital investment, hiring and payroll, taxation, and legal among others. The company will also build a network of artisans and weavers, and help organise annual events for SMEs.
The region contributes to 65 per cent of India’s total handloom production with the highest number of handloom weavers in India and women participation of around 88 per cent. The program is centred around the Tier 2 and Tier 3 regions and helps ‘women in business to benefit from the mentoring of knowledge-sharing sessions that will help overcome administrative challenges, the company said.
Brigadier Rajiv Kumar Singh (Retd) Managing Director, NEHHDC, “For nano entrepreneurs, lack of access to finance and formal financial knowledge are common challenges for small businesses and startups worldwide. The MoU between NEHHDC and Tide India will be a game changer wherein by providing the aspiring and existing entrepreneurs with the necessary tools, knowledge, and resources to effectively plan and manage their finances, a crucial aspect of their success will be addressed. The collaboration aims to have a positive impact on the Northeast region’s entrepreneurial ecosystem.”
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NEHHDC works under the Ministry for Development of North East Region (DoNER) and focuses on the development and promotion of indigenous crafts of the region by connecting craftsmen to prospective markets and consumers. It operates across all eight North-Eastern states namely Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura.