In the News
New Delhi—November 27, 2006
Mrs Sonia Gandhi Awards Vikram Akula Social Entrepreneur of the Year 2006
Sonia Gandhi presents the award to Vikram Akula at the India Economic Summit, November 2006.
Vikram Akula, Founder and CEO of SKS Microfinance Private Limited has been named the Social Entrepreneur of the Year 2006 in India. Sonia Gandhi, Chairperson of the United Progressive Alliance and President of the India National Congress presented the award to Dr. Akula during the World Economic Forum’s India Economic Summit. Dr. Akula said, “This award is an affirmation of the entrepreneurial spirit of the poor women working across India.” The Schwab Foundation and the Nand & Jeet Khemka Foundation have collaborated with Confederation of Indian Industry (CII) and UNDP to select and award the ‘Social Entrepreneur of the Year’ in India.
“This award is an affirmation of the entrepreneurial spirit of the poor women working across India.”
Vikram Akula—Winner, SEY 2006
SKS Microfinance , based in Hyderabad, Andhra Pradesh, applies global business practices to the field of microfinance. Known as the ‘Starbucks of Microfinance’, SKS standardizes microfinance processes and uses technology to accelerate growth. Indeed, SKS was the fastest growing microfinance institution from 1998–2004 with a 300% growth rate. SKS has lent over 3.2 billion rupees in income-generating loans and has benefited approximately 1.5 million individuals. Their loan members improve their economic well-being by 11% yearly—often breaking the cycle of poverty within three years. Vikram was born in Hyderabad and grew up in the United States. He witnessed poverty on numerous family visits to India and made a promise to himself to eradicate it.
An eminent jury including representatives of the partners as well as Anu Aga, Thermax Ltd., Ashok Khosla, Development Alternatives, Byrraju Raju, Satyam Computer Services, Shekhar Gupta, Indian express, Rajesh Tandon, Director, PRIA, and B.K.Jhawar, Chairman, Usha Martin Ltd. selected the Social Entrepreneur of the Year in India from among four finalists.
