A grant is an amount of money that the government transfers from the private sector to a private-sector entity. So it has different characteristics to grant than the other asset types you mentioned. For one, a grant can be a loan or a loan guarantee. And two, it can be capital or non-capital (or capital), depending on who is behind it.
For some grant schemes, the private sector entity is often a public body for which the grant is made, for example, State or Federal Governments (not to be confused with private schools). Other entities include the Central Ministry and Federal or Union Territories. For others, the grant is typically made by non-government organisations (such as banks, non-profit organisations, local authorities), such as universities, research institutes, businesses and other organisations.
So, if we compare the grant structure of grant schemes, let’s see if any of them is most effective in promoting investment? In particular, let’s see if they are effective in facilitating lending to small and medium enterprises (SMEs)?
Let’s compare two grant schemes – the National Rural Employment Guarantee Scheme (NREGS), created in 1975 and administered since 1979 by the Centre to the Federation of Small and Medium Enterprises (FSMEs) – in the period 2000-2012 using a number of data sources, including loan documents, corporate accounts, state-of-the-art econometric models and financial databases. We have used data from two sources: a set of loans granted during 2000-2011 from four key banks – the National High Tech Loans Corporation (NHTC), the National Agricultural University and the National Rural Employment Guarantee Corporation (NREGA, both now defunct), and a large set of documents – public accounts, corporate accounts, data from companies that were registered as NREGS recipients in the financial records of the four banks from 2002-2005 to 2011-2012, and data on business income and activity from the National Sample Survey Organisation – India (NSSO-India).
We have used the data from the National Register of Enterprises (NRBE) of India since 2013, as there is a much larger set for loan recipients in the financial records of four banks, which makes a larger set of transactions available and allows this analysis to focus not just on loans granted to NREGS recipients but also on loans granted to other NREGS recipients or NREGA recipients. The NRBE data for loan recipients covers both loans given and loan guarantees.
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