Empowering and Digitizing the handloom and handicraft sector in North East India

In a move to empower and digitize the handloom and handicraft sector in North East India, North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) has entered a Memorandum of Understanding (MoU) with Tide, the UK’s leading SME-focused business financial platform. During the year-long partnership, Tide will leverage its expertise knowledge to bolster scalability, promote financial inclusion and enhance market reach for the community of handloom weavers and handicraft artisans across 800 clusters in Northeast India. The partnership comes at the helm of NEHHDC’s technology and innovation drive, which includes projects for digitalization of handloom sector using Artificial intelligence (AI) and Internet of Things (IoT) and ERP implementation for inventory tracking and mapping, among others. 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. 

Brigadier Rajiv Kumar Singh (Retd) Managing Director, NEHHDC, “For 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 the aspiring and existing 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 the Northeast region’s entrepreneurial ecosystem.”
Gurjodhpal Singh, CEO< Tide India, said, “Our partnership comes at a time when the Government of India has been pushing digitalization 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.” 

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 comprehensive financial admin and advisory services, facilitating their inclusion in the formal economy – ensuring timely and adequate access to financial services.