Visit Highlights Entrepreneurship, Micro-credit With American Partnerships NEW DELHI—U.S. Commerce Secretary Carlos M. Gutierrez today toured the Dilli Haat in the heart of Delhi--a modern version of the traditional weekly market--to see the unique, skillfully-made handicrafts from women entrepreneurs around India. American companies such as Citibank, Shore Bank, Michael and Susan Dell Foundation and the Ford Foundation have teamed with BASIX to promote micro-lending in New Delhi.
"Entrepreneurs represent the true strength of India: its people. They are leading the way to a better life for themselves, their families, and their neighbors," said Gutierrez. "It's encouraging to see the many ways that American companies are reaching out to Indian communities to build and foster the entrepreneurial spirit." Gutierrez spoke with women entrepreneurs at the market who are using microfinance to change their lives, become self-employed and self-sufficient through the help of banks, foundations and the government. He noted that as India urbanizes, micro-lending is a smart investment and a great way to create a new generation of entrepreneurs. He stressed the importance of liberalizing the banking sector so even more entrepreneurs can have access to capital.
Today 16 million people in developing countries are getting business loans ranging from $25 to $800 from 7,000 microfinance institutions.
Gutierrez applauded the social responsibility of American partners Citibank, Shore Bank, Michael and Susan Dell Foundation and the Ford Foundation for helping Indian families achieve commercial investment in urban India. This partnership of American companies and Indian skilled handcrafters illustrate the importance of the retail chain, from home-based production to sales at the urban market.
Background: Dilli Haat in the heart of Delhi, offers an amalgam of craft, food and cultural activities. The Haat features a wide variety of skillfully crafted handicrafts, intrinsic to each part of the country, ranging from intricate rosewood and sandalwood carvings, embellished camelhide footwear, to sophisticated fabric and drapery. The handicraft stalls are allotted on a rotational basis to craftsmen from all corners of the vast and varied land of India, usually for fifteen days.
Source: U.S. Department of Commerce
