Union minister for finance P Chidambaram presented the ''Citigroup micro entrepreneur awards 2004'' to the initiators of 12 outstanding tiny business ventures for the year 2004. Present at the occasion were M Damodaran, chairman, IDBI, (representing the National Advisory Council), Gautam Thapar, vice chairman and managing director Ballarpur Industries, Sanjay Nayar, CEO, Citigroup, Sarvesh Sarup, country business manager (global consumer group), Citigroup, Veena Shankar, partner, India Consultant and others.

Three awardees were selected from the east, west, north and south and six were women. The award is a national recognition for fruitfully deploying micro finance in the creation of micro enterprises, to emerge from below the poverty line and contribute meaningfully to society. Held for the first time, the awards gain special significance as 2005 is the UN-designated ''international year of micro credit'' of which Citigroup is the global lead sponsor.

"To extend the availability of micro finance, sector participants need to reach deeper into populations that are currently underbanked. We hope the contribution of organisations and individuals in the sector gains strength, and gives hope to the millions yet untouched by the miracle of micro finance."

Classified into three categories — the ''national micro entrepreneur award'', the ''national runner-up award'' and the ''socially responsible micro entrepreneur'' — the winners were selected from among nearly 300 applications. Conceptualised by Citigroup India and backed by grant support of $60,000 from the Citigroup Foundation, the award process was implemented by Partners in Change (PiC), a not-for-profit organisation.

Each national award recipient has been presented a cash endowment of Rs100,000. The national runners-up receive Rs50,000. Winners of the national award for social responsibility also collect prize money of Rs100,000 each.

According to Nayar, "The awardees are a present-day example of the desire for change. These individuals are testimony to the quantum difference that a more inclusive financial sector can make to our economy. Citigroup is delighted to play its part." says Sarup.