Creating affordable housing is necessary step towards alleviating poverty

Creating affordable housing schemes is a necessary step towards alleviating poverty, the Chairman and Managing Director of India’s National Housing Bank has said.

Speaking at the Commonwealth’s headquarters in London, UK, on 17 October 2008, Shri Sridhar spoke about the Bank’s work as well as its various initiatives in Housing Microfinance.

Guided by the motto - ‘small man first’ - he explained that their housing plans are directed towards the rural, low income groups and economically weaker sections of society with support from the Central and State Governments, the Reserve Bank of India and the financial system.

He told Commonwealth Secretariat staff that the Bank aims to develop and expand the housing finance system to address housing shortage in India by focusing on three key areas: market development; rural housing; and urban renewal.

Mr Sridhar also talked about some of the Bank’s past achievements, including the first ever national study on financing rural housing and designing a financial package for housing urban poor.

José Maurel, Director of Special Advisory Services at the Secretariat, said that the Bank’s work on sustainable habitats is pertinent to the Secretariat’s programme in enterprise development. “In Commonwealth countries, many micro and small businesses operate from home. In this context housing becomes essential for improving lives and bringing about both economic and social transformation.”

Mr Maurel added that “the lessons and good practices shared by India’s National Housing Bank are extremely useful for us and other organisations working towards the development of micro, small and medium enterprises (MSMEs).”

The Commonwealth Secretariat and the National Housing Bank of India worked together on the Commonwealth-India Small Business Competitiveness Development Programme. This initiative focuses on developing the competitiveness of MSMEs and was initiated in 2004 by the Secretariat and the Government of India.

Secretariat Links:

• Country Profile: India
• Special Advisory Services