As part of the year-long partnership, the company will look at bolstering scalability, financial inclusion and market reach for the community of nearly 2.1 million handloom weavers and 3.5 million handicraft artisans across 800 clusters in Northeast India.
As a part of the MoU, Tide will help in financial and digital inclusion of weavers and artisans from the region and host mentor panels and masterclasses with in-house experts in leadership, marketing, capital investment, hiring and payroll, taxation, and legal, among others. The company will also help the community network and build capabilities through a series of annual national-level SME events.
North East contributes 65% of India’s total handloom production and has the highest concentration of handloom weavers in the country with women participation of around 88 percent.
Aimed at digitally transforming businesses in Tier 2 and Tier 3 regions, through this partnership, weavers and artisans in North East India will have access to Tide’s financial admin and advisory services, facilitating their inclusion in the formal economy – ensuring timely and adequate access to financial services.Gurjodhpal Singh, CEO, Tide India, said in a statement, “Our partnership comes at a time when the Government of India has been pushing digitalisation of 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.”NEHHDC works under the Ministry of Development of North Eastern Region (DoNER), Government of India and attempts to develop and promote the indigenous crafts of the region by connecting craftsmen to prospective markets and consumers. The organisation is focused on generating economic, cultural and social opportunities for all the eight North Eastern states, namely Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.Rajiv Kumar Singh, Managing Director, NEHHDC said, “For any 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 nano 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 North East India’s entrepreneurial ecosystem.”
