In this exclusive interview, India CSR’s Rusen Kumar speaks with George Muthoot George, Deputy Managing Director of Muthoot Finance, to shed light on the company’s significant CSR efforts, particularly in the education sector. He discusses how Muthoot Finance is empowering underserved communities through educational initiatives such as the Muthoot Smart Anganwadi project and scholarships for professional education. Mr. George also elaborates on the challenges they have faced, the tangible impacts of their programs, and the future roadmap for enhancing India’s education landscape. His vision for education goes beyond academics, aiming to equip the younger generation with the skills and confidence needed for India’s socio-economic progress.
Excerpts of an Interview:
1. The Role of Education in Economic Empowerment
How does Muthoot Finance view the role of education in driving economic empowerment, particularly for underserved communities?
At Muthoot Finance, we strongly believe that education is the bedrock of societal and economic progress. It is not only crucial for individual development but also acts as a catalyst for empowering communities, particularly those who are underserved to break free from the cycle of poverty. Education opens doors to better job prospects, fosters financial literacy, and contributes to long-term stability. Additionally, it also fosters a sense of innovation, civic awareness, and improved health outcomes, collectively contributing to the overall well-being and progress of the society. Our CSR efforts are thus intentionally rooted in bridging the socio-economic divide by enabling access to education for those communities who need it the most. By empowering the young generation through education, we are creating a ripple effect that promotes inclusive growth and contributes to India’s economic development.
2. Key Inspiration behind CSR in Education
What inspired Muthoot Finance to focus on initiatives such as the Muthoot Smart Anganwadi, scholarships for professional education, and the enhancement of academic infrastructure?
As we evaluated India’s education landscape, Anganwadis stood out as a critical yet often overlooked part of the early education system. They had the potential to offer much more, especially when it came to early learning. With digitalisation evolving the needs of education, these Anganwadis required a comprehensive upgrade to bring their education infrastructure and offerings on par with other educational institutions. Muthoot Smart Anganwadi initiative was brought to life to address this gap. Our Anganwadis feature smart classrooms, improved educational tools, and inclusive play amenities to create an environment where children from marginalised backgrounds could learn and thrive. We foresee these Anganwadi models to focus on early childhood education to build a strong foundation for lifelong learning.
Additionally, our professional scholarship programs such as the Excellence Awards and Higher Education Scholarships for professional courses such as MBBS, BTech, and Nursing were also envisaged to address the financial constraints faced by a lot of talented students across India. We believe that there is a lot of potential in our country but economic barriers often prevent young minds from pursuing their dreams.
3. Impact of CSR Initiatives + Success Stories and Achievements
How have these initiatives, such as the Smart Anganwadi and infrastructure development, created tangible differences in the communities they serve? Can you share some key success stories or impactful achievements?
In FY24, Muthoot Finance had invested over INR 1 million in CSR programmes, successfully benefitting approximately 0.60 million lives. Our Muthoot Smart Anganwadi project continues to have a significant impact on the communities we serve. One of the most remarkable aspects of the initiative is its focus on the most vulnerable age group of those under 6 years. By upgrading Anganwadis with smart technology and modern amenities, we have created an environment that not only enhances learning outcomes but also fosters better physical and emotional development. In partnership with the government’s Integrated Child Development Services (ICDS), we have addressed critical issues such as child hunger and malnutrition, while promoting non-formal education and providing quality play amenities. Over the next five years, we aim to open 100 such Muthoot Smart Anganwadis across India which will open the doors to quality education for around 25,000 underprivileged children over the next decade.
Additionally, in partnership with Round Table India (RTI), we have established smart classrooms in seven schools across Tamil Nadu. These classrooms provide advanced learning tools and technologies, helping bridge the digital divide, uplift educational standards, and foster a culture of academic excellence for over 4000 underprivileged students.
These initiatives also align with global standards, especially the United Nations Sustainable Development Goals (UNSDGs), including UNSDG 2 (Zero Hunger) and UNSDG 3 (Good Health and Well-being). The smart learning environment also bridges the educational gap faced by underserved children, giving them a strong head start which has an impactful difference in their cognitive and social development.
4. Addressing Challenges in Education
What are some of the challenges that Muthoot Finance encountered while implementing these education initiatives, and how were they overcome?
The main struggle that we anticipated, and perhaps for all corporates, is understanding the reality on the ground to reach the most underserved communities. However, our extensive network of over 6000 branches spread across the county is one of our key strengths in engaging with local communities, understanding their needs, and strategically implementing our CSR efforts. Having on-ground teams allows us to reach even the most remote areas, ensuring the success of our education-led CSR initiatives. Another challenge is ensuring that when we provide assets to NGOs, government organisations, or institutions, those partners take full ownership and responsibility for maintaining and utilising these assets properly. It is crucial to identify partners who are truly dedicated and committed to sustaining the projects long term. Navigating these regulatory, operational, and partnership challenges by adhering to regulations governing CSR activities have been key to ensuring the success and impact of our initiatives.
5. Future Plans for CSR in Education
What does the future roadmap for Muthoot Finance’s CSR in education look like? Are there any new initiatives or expansions planned?
We remain committed to expanding and deepening the impact of our CSR efforts in the education sector. Our flagship initiatives, the Muthoot Smart Anganwadi project and the professional Higher Education Scholarships will continue to have our primary focus while we also plan to extend our infrastructure support for schools and other educational institutions in rural and underserved areas.
We are also aligned with the recent budget announcement on the initiative to provide internship opportunities to young talent in 500 top companies. This will enable them with exposure to real-life business environment, varied professions and employment opportunities. In fact, our company has employed over 600 new recruits through National Apprenticeship Promotion Scheme (NAPS).
We are also constantly evaluating the effectiveness of our CSR initiatives to identify areas where we can make an even greater difference. By leveraging the success of our existing initiatives, we aim to expand our reach and ensure that more children across India have access to quality education and modern learning environment.
In the near future, we would like to craft our initiatives around building a ‘Digital India’ workforce including AI amongst others, empowering women and youth in STEM and equipping them with various vocational skills. These efforts will help them become employable by leading companies in India Inc. We would also try and engage in job placements in collaboration with National Skill Development Corporation (NSDC) and other leading ed-tech platforms.
6. Personal Commitment to Social Responsibility
As a passionate advocate of social responsibility, how do you personally envision Muthoot Finance contributing to the long-term transformation of the education landscape in India?
I believe that our efforts in transforming India’s Anganwadis and improving school infrastructures are just the beginning of Muthoot Finance’s long-term vision for education in India. Our goal is to ensure that children, particularly from marginalised communities and in the public education system, have access to the same level of education facilities, learning tools, and opportunities as their peers in private institutions. This holistic approach aims to uplift communities, ensuring that no child is left behind due to lack of resources.
Through our schools and college – Paul George Global School, St. George’s School, Sanskara School, and Muthoot Institute of Technology and Science (MITS) we are trying to bring a change in the academic landscape with holistic education as well as exposure to sports amenities. With our regular conversations with leading educationists and academicians in the country, we are further trying to incorporate the new age skills, and enhance their cognitive skills that can be offered to kids early on in their lives.
I also believe that education is not just limited to literature and books, it is equally important to inculcate vocational skills as part of the curriculum to provide hands-on experience that can enable them to be part of the workforce and not hone redundant skillset.
Through our educations initiatives, we are empowering the next generation, giving them the confidence to build a better future. By investing in education today, we are contributing to the creation of a more inclusive, equitable, and prosperous India. Our long term commitment lies in driving transformative change in the education sector, ensuring that quality education is within the reach for every child, regardless of their background.
(CopyRight@India CSR)
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