Guwahati: The Rural Innovation Fund (RIF) initiated by Rashtriya Grameen Vikash Nidhi (RGVN) has opportunities but remains underutilized by beneficiaries, the Executive Director of Rashtriya Grameen Vikash Nidhi (RGVN) Amiya Kumar Sharma told Business North East (BNE) on November 26, 2024.
“The Rural Innovation Fund is reaching a sufficient pace. People should come to us with innovative ideas,” he stated, adding that many people are unaware of this scheme.
He further revealed that there has been no applicant since the Covid breakout. “We could give funds to only a handful of innovators. If we liked their work, we would ask them to proceed without repaying the same,” he said.
“A group of people came up with an idea to give Almirah to poor women who did not have safe spaces for their belongings,” Amiya Kumar Sharma said.
"We can still provide funding today, depending on our capacity. However, a lack of awareness has prevented it from gaining popularity," he added.
Initiated in 2006, the Rural Innovation Fund (RIF) is an initiative by the Rashtriya Grameen Vikash Nidhi (RGVN) to promote innovative solutions for improving rural livelihoods and development.
The fund targets small and marginal farmers, rural entrepreneurs, women's self-help groups, and other vulnerable sections of society, providing them with the necessary resources and support to implement innovative solutions.
Rural Innovation Fund focuses on agriculture and allied activities, rural infrastructure, livelihoods and microenterprises, and health and education. The fund provides financial assistance - in the form of grants or low-interest loans to eligible projects, as well as technical support, capacity-building programs, and mentorship.
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Applicants, including individuals, NGOs, community-based organizations, and rural enterprises, can apply for funding by submitting a detailed project proposal to RGVN. The proposals are evaluated based on feasibility, sustainability, and potential impact on rural communities.
The RIF has supported numerous successful projects, such as low-cost irrigation systems, rural health clinics, craft and artisan cooperatives, and organic farming practices. RGVN collaborates with various stakeholders, including government agencies, financial institutions, academic institutions, and international organizations, to leverage resources and expertise in effectively implementing funded projects.
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It represents a crucial effort in harnessing the potential of rural innovation to drive sustainable development and improve the quality of life for rural communities across India. Rashtriya Gramin Vikas Nidhi (RGVN), headquartered in Guwahati, Assam, was established in 1990 as an autonomous, non-profit organization.
Its mission is to promote and support voluntary organizations that uplift the social and economic well-being of rural and urban poor, physically and socio-economically handicapped people, improve economic development, and focus on marginalized groups with potential for social and economic growth.
RGVN assists urban and rural poor, particularly tribal, scheduled castes, women, and children, in achieving economic self-sufficiency.
"We previously had the Rural Innovation Fund, but it is no longer operational. However, we have launched new programs in various phases," NABARD officials informed BNE.
The RGVN Executive Director further said they support innovation and technology as this is the in thing today. They support all initiatives that can bring a change in the lives of people.
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