New Delhi, June 20, 2024: Fintech company BharatPe on Wednesday entered into a strategic partnership with Invest India to promote digital financial inclusion and digital financial literacy across One District One Product producers and sellers across ODOP districts in the country.
This partnership between BharatPe and Invest India aims to contribute to the government’s efforts towards increasing digital financial inclusion and literacy. This will enhance access to digital payment mediums amongst ODOP merchants in tier 3-4 cities and rural areas of India.
Speaking on the partnership, Nalin Negi, CEO of BharatPe, said, “At BharatPe, we stay firm in our commitment of empowering millions of offline businesses through various government partnerships with the objective of driving financial inclusion across the country, and empowering entrepreneurs with businesses in various categories located across the length and breadth of Bharat, including women entrepreneurs. This partnership with Invest India adds a new dimension to our commitment of driving financial inclusion and digital financial literacy to offline merchants.”
“By providing essential digital financial training and tools, we aim to empower the ODOP producers and sellers to thrive in the digital economy. This also aligns well with the Hon’ble Prime Minister’s vision of fostering a balanced regional development across all districts of the country through ODOP. I am confident that this partnership would play an integral role towards creating a digitally inclusive economy that supports small merchants and promotes sustainable economic growth across India’s vast merchant landscape and positions India as a leader in digital financial services. In our current engagement, we hope to make a positive impact to the lives of 2000+ ODOP producers and sellers across Bharat,” he said.
ODOP is seen as a transformational step towards realizing the true potential of a district, fueling economic growth, generating employment and rural entrepreneurship, in turn taking us closer to the goal of Atmanirbhar Bharat. The objective of ODOP is to convert each district into a manufacturing and export hub by identifying products with export potential in the specific district.
Nivruti Rai, MD & CEO, Invest India, said, “The collaboration between the One District One Product (ODOP) Initiative and BharatPe is a significant step towards promoting financial inclusion and economic empowerment. BharatPe's expertise in digital payments and financial services complements the ODOP's focus on economic development, empowering stakeholders, preserving art and experience enhancement. Through the financial inclusion sessions, ODOP stakeholders, including artisans, small business owners, and local entrepreneurs, will gain access to essential financial tools and knowledge, fostering a supportive ecosystem for local businesses. This empowerment allows them to expand their operations, innovate, and improve their livelihoods.”
BharatPe and Invest India’s partnership is structured around a robust and customized information, education, and communication (IEC) program which will not only impart knowledge on digital payments, but also focus on increasing awareness about cyber frauds and how one can ensure the protection of personal data while using digital payments. Additionally, the program will be designed to digitally enable ODOP stakeholders to accept digital payments by providing them with BharatPe QR and PoS devices. It will strive to create awareness about availing small-ticket loans via digital channels. These loans that could further aid the growth of business of ODOP stakeholders include loans for better cash flow management, business expansion, purchase of machinery and raw materials, amongst others. This collaboration aims to empower the ODOP producers and sellers with the required knowledge and skills that enable them to adopt and seamlessly use digital payment methods for their daily business transactions and enhance their business possibilities.
The programs will be conducted for ODOP stakeholders operating in micro and small-size industries. The targeted locations for this initiative include key districts across Haryana, Himachal Pradesh, Punjab, Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh and Delhi NCR, among others. These districts were chosen to cover an extensive range of ODOP stakeholders across industries including shawls, embroidery work, carpets, block printing and silk, gems and jewellery, handicraft items, jute and leather products, amongst others.
