Indian American billionaire philanthropist Romesh Wadhwani is investing $26 million in a three part initiative to help 10,000 Small and Medium Enterprises (SMEs) in India to survive the Covid-19 crisis and create 100,000 jobs.
Besides helping distressed SMEs, the The Wadhwani Sahayata (Help) initiative launched by his Wadhwani Foundation will assist India’s public health workers including almost three million Asha and Anganwadi workers, to improve their covid-19 related knowledge and skills.
“Covid-19 has created both a health and an economic crisis that is especially harming SMEs and jobs,” said the Palo Alto, California resident with an electrical engineering degree from the Indian Institute of Technology, Bombay. “Without proper credit and consulting support, the short- and long-term damage to the SME sector will be enormous.”
“The Foundation’s large investment in ‘Sahayata’ supplements the government’s massive stimulus package by providing 10,000 SME’s with consulting services that will help them survive, stabilize, and ultimately grow into successful businesses and help save or create 100,000 jobs.”
“All of the Foundation’s own consultants, existing and new content, and technology will be provided pro bono to SMEs,” he said.
The Foundation said it has already made several direct and indirect grants as part of the Wadhwani Sahayata, and the number of candidate companies for such grants and investments is growing rapidly.
