Statement by India at the Human Rights Council Social Forum 
(31 October - 1 November 2024, Palais des Nations, Geneva, Switzerland) Session on Domestic and International Private Business and Finance delivered by Mr.K.S.Mohammed Hussain, Counsellor, Permanent Mission of India, Geneva on Friday, 1 November 2024

Thank you, Chair.

1. The Indian delegation appreciates the excellent presentations made by the panelists.

2. The micro finance schemes have played a significant role in the Indian economy. It has proven its viability as a business model and its ability to reach a significant section of the population, including the poor, the marginalized, and the unbanked. Acting in complementarity to the banking system, it has strived to provide sustainable microfinance services to the underprivileged, thereby promoting more inclusive development and economic parity in the country.

3. Due to time constraints, we would like to highlight only two important initiatives by the Government of India:

a). Pradhan Mantri Jan-Dhan Yojana (Prime Minister's Public Finance Scheme) is a national mission on financial inclusion that encompasses an integrated approach to achieve comprehensive financial inclusion for all households in the country. The plan envisages universal access to banking facilities, with at least one basic banking account for every household, financial literacy, access to credit, and insurance and pension facilities. Additionally, beneficiaries receive a debit card with inbuilt accident insurance coverage. The plan also facilitates channeling all government benefits to beneficiaries' accounts, promoting the Direct Benefits Transfer scheme of the Union Government.

b). The Pradhan Mantri MUDRA Yojana (Prime Minister’s Micro Units Development & Refinance Agency Scheme), launched in 2015, has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to INR one million. To strengthen support for aspiring entrepreneurs, the loan limit has now been increased to INR two million, effective October 24, 2024. The scheme aims to provide financial inclusiveness and support to marginalized and socio-economically disadvantaged sections of society.

Chair,

4. Micro finance schemes have given wings to the dreams and aspirations of millions of Indians, instilling a sense of self-worth and independence. They have fundamentally reshaped the landscape of entrepreneurship in India, driving significant progress in financial inclusion. Over the years, these initiatives have also empowered women and minority communities, creating opportunities for economic upliftment and fostering a more inclusive growth environment.

Thank you.