Microcredit Initiative of Grameen (MIG) was incorporated 0n 12 October 2007 under Section 25 of the Companies Act, 1956 (Under Section 08 of Companies Act 2014).
The Main objective of MIG is to undertake activities of creating and increasing employment and income earning opportunities for poor as well as improving their professional, vocational and managerial skills by providing them required training and credit facilities/loan for the purpose.
‘Grameen Model’ has been developed by the Grameen Bank Bangaldesh founded by the Nobel Laureate Prof. Muhammad Yunus, for alleviation of poverty through dispensation of micro credit. Prof Yunus has a vision to put poverty in a museum. His dream is that one day our grandchildren will go to museum to see what poverty was like. After successful implementation of ‘Grameen Model’ in Bangaldesh, the model is sought to be replicated for poverty alleviation in many countries of the world. The fundamental principal of Grameen philosophy is that the poor are capable human beings who can take the charge of their lives and transform themselves, if they are given a chance and appropriate means.”Grameen” believes that the poor can resolutely come out of the shackles of poverty with an initial push of a small dose of financial assistance which will motivate poor in this direction.
Despite remarkable growth of GDP in India more than one third of population reels under poverty. The Government of India and state Governments as also the financial institutions have undertaken a number of programmes to alleviate poverty. However much needs to be done as still a large section of the population continues to be under poverty.
The great vision provided by Prof Muhammad Yunus and to supplement efforts of Government of India and the state Governments to attain the inclusive growth encouraged MIG to walk on the micro credit path. MIG Therefore decided to replicate “Grameen Model” developed by Grameen Bank Bangladesh for achieving its objective. For this purpose the MIG sought technical and financial assistance from Grameen Trust Bangladesh. The first project of MIG was launched on 26 June 2009 in Thiruvananthapuram District in Kerala state.
Microcredit Initiative of Grameen (MIG) was incorporated 0n 12 October 2007 under Section 25 of the Companies Act, 1956 (Under Section 08 of Companies Act 2014).
