Second Edition of RMSI Finds Phygital Infrastructure, Financial Inclusion are Key for Rural India

Business Events | December 14, 2020 | News

Rural Market Summit India (RMSI)

The on-going pandemic has made it obvious that once a product is online for people’s access and purchase, it will help leverage the need for concept and technology collaboration to find solutions specific to rural consumers.

The second edition of the Rural Market Summit India (RMSI) held recently brought together an influential list of speakers who dwelt on the importance of developing phygital infrastructure and financial inclusion as key facilitators for a holistic development of rural India.

They also discussed some of the major challenges faced by rural business investors that included, lack of digital footprint, connectivity, language barrier and building confidence among the people.

Digital opportunities unlocked

Emphasising the digital opportunities unlocked due to the pandemic during the inaugural session of the conference, Dr Dinesh Tyagi, CEO, CSC e-Governance Services India Ltd, said, “While access to services was limited during the pandemic, CSC (Common Service Centres) filled the gap as digital banker, digital doctor and digital teacher, providing support to rural citizens through phygital infrastructure.”

Sharing his perspective on the FMGC sector contributing to the development of rural markets, K. Ullas Kamath, Joint Managing Director, Jyothy Laboratories Ltd said, “The growth seen in rural markets in recent times has been greater as compared to urban cities. I believe that the next 10 years will be transformational for rural India, and therefore FMGC businesses must aim at targeting these markets for a long-term benefit.”

Promote local entrepreneurship’

Pratap Chandra Sarangi, Minister of State for Micro, Small and Medium Enterprises & Animal Husbandry, Dairying and Fisheries, Government of India stated, “It’s not about mass production, it is about producing for the masses. Without a holistic rural development, we cannot expect a harmonious national development. India’s GDP contribution in the world is about 2-3%, but we can further accelerate it by strengthening our rural market, and for this, we must promote a green and digitised ecosystem.”

“The Government has introduced many beneficial programmes during the pandemic, out of which Rs 3,000 billion collateral-free automatic loan has been issued for standard MSMEs, besides Rs 200 billion loan facility under the scheme of subordinated debt fund for NPAs and Rs 500 billion financial support for the sustainability of healthy business units. But it is now important for us to educate the rural masses on how to benefit from these schemes and policies,” he added.

Talking about creating a holistic model to bring transformational change in rural areas, Zarina Screwvala, Co-Founder, Swades Foundation, shared, “Enabling access to digital platforms and promoting local entrepreneurship is essential to strengthening indigenous communities and modernising the rural system.”

The importance of fintech and agritech, along with the growing involvement of women in rural empowerment, were also addressed during the sessions held at the event.  

The conference discussed major challenges faced by rural business investors that include lack of digital footprint, connectivity, language barrier and building confidence among people.

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