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NIESBUD, Intuit to roll out Financial Literacy Programme for Indian MSMEs

  • Thursday, May 23, 2013 12:45PM IST (7:15AM GMT)
Bangalore, Karnataka, India: The National Institute for Entrepreneurship and Small Business Development (NIESBUD), NOIDA, a premier national level institution engaged in promotion of entrepreneurship and development of small businesses in the country through different interventions of training, research, consultancy etc. under the auspices of the Ministry of Micro, Small and Medium Enterprises (MSME), Government of India, and Intuit, a leading provider of business and financial solutions for small and medium businesses, today announced that they have joined together to roll out a four-hour Module on Financial Literacy/Management for small businesses in the country. Aimed at providing small business owners with critical financial management skills to run their operations in an increasingly competitive environment, the interactive, discussion-based Modules incorporate both strategic and tactical guidance, supported by group exercises based on real business situations that leverage the insight of small business participants. The Modules are comprised of three stages of learning: How to Start a Business; How to Manage a Business; and, How to Grow a Business, and are expected to empower the participants with content and skills to help them improve their financial outcomes. As a precursor to introducing the Module across India to small businesses in the coming months, the curriculum will first be introduced during the forthcoming Training of Trainers (TOT) organized by NIESBUD at Nainital from May 21st to June 6th for Senior Faculty of its Partner Institutions. The TOT is expected to train 40 to 45 trainers from across the country including a few small business owners themselves. Arun Kumar Jha, Director General, NIESBUD elaborated "The desirability of timely, adequate and cheap financial resources to a small enterprise cannot be over-emphasized. However, a generally forgotten aspect of this crucial element is the paramount necessity to manage financial resources optimally. I hope that this joint initiative with Intuit would go a long way in dawning upon the owners of small businesses the importance of managing their financial resources optimally and equipping them with the requisite skills for the purpose". Nikhil Arora, Managing Director of Intuit India, said "Intuit is committed to empowering small business owners to take control of their financial lives and jumpstart their future success, and we're proud to collaborate with key partners like NIESBUD to fill a gap in available training for small businesses. Our earlier work with NIESBUD and the Ministry of Micro, Small and Medium Enterprises helped us understand the barriers to technology adoption facing small businesses, and training, particularly in the area of technology and financial management, is an area of opportunity for the entrepreneurship ecosystem. We're honoured be a part of this training with NIESBUD." The three-phase curriculum was tested and validated by entrepreneurs in the development stages. One of these small business owners who provided valuable input, Akshat Pandey, from Alpha Partners, a law firm, added, "As an entrepreneur, I was busy chasing ideas and expanding my practice and could not give time to financial management. Like me, so many busy start-up professionals often feel they must simply outsource financial management and planning, however we too must own the outcome of our financial health. An interactive and practical training of financial management fundamentals like this one will certainly help me run my practice more efficiently from the very start." About The National Institute for Entrepreneurship & Small Business Development (NIESBUD) The National Institute for Entrepreneurship & Small Business Development (NIESBUD) was set up on 6th July 1983, by the then Ministry of Industry (now Ministry of Micro, Small and Medium Enterprises), Government of India. The basic objects of the Institute are promotion and development of micro, small and medium enterprises including enhancement of their competitiveness through different activities/ interventions. The Institute has taken several initiatives in the recent past to accelerate promotion of entrepreneurship and small businesses. The Institute has substantially increased organizing market oriented training courses for potential entrepreneurs and existing MSMEs as well. The Institute has also increased consultancy, research and evaluation assignments for the Government as well as for Non-government organizations. In its endeavour to enhance the outreach of its activities, the Institute has networked with different national and international bodies in the areas of training, research and consultancy. In this manner, the Institute has been able to enhance it capabilities substantially. The Institute organized 2013 training programmes with 51,552 participants during 2012-13. While the year saw its 12,756 participants being getting gainfully employed in different industries, 1,144 others were also assisted in setting up their own micro enterprises during the year. More information can be found at http://www.niesbud.nic.in / http://www.niesbud.org / http://www.niesbud.net. About Intuit India Intuit is a leading provider of business and financial management solutions for small businesses across the globe. Intuit India, the company's first venture in Asia Pacific, began operations in 2005 and has more than 700 employees working in Bangalore, Mumbai and New Delhi. With a legacy of customer-driven innovation, Intuit works to improve the financial lives of its customers in India with products that include QuickBooks Online, Fasal, txtWeb and Money Manager. Intuit India is recognized among India's best workplaces with honors that include: second-best company for Rewards and Recognition; sixth best employer in India; Top 10 Best Places to Work for in India; and Great Place to Innovate. It is also among the Top 25 Best Employers in Asia. For more information, please visit www.intuit.in About Intuit Inc. Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by offering innovative online and mobile banking solutions that make it easier for consumers and businesses to manage their money. Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

Click here for Media Contact Details

Bhawana Singh, The PRactice (for Intuit), bhawana@the-practice.net, +91 9341601630

Mukesh Gupta, NIESBUD, mukesh.gupta.niesbud@gmail.com, +91 (120) 4017005

Samantha Unnikrishnan, Intuit Inc., samantha_unnikrishnan@intuit.com, +91 (80) 41769200

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