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Empowering the Masses : The Phenomenal Growth and Progress of Microfinance in India


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1 Department of Commerce DAV College, Chandigarh, India
     

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India is home to a large population of people who live below the poverty line, and whose access to financial services has traditionally been limited. Microfinance, which involves providing small loans and other financial services to low-income individuals, has emerged as a powerful tool for poverty alleviation and financial inclusion in India. In this paper, we examine the growth and progress of microfinance over the past few decades. We explore the history and evolution of microfinance, including the role of government policies and regulatory frameworks. We also examine the various models of microfinance institutions that have emerged, including self-help groups, non-banking financial companies, and microfinance banks. We analyze the impact of microfinance on the lives of low-income individuals, including women and rural populations, and assess the challenges and opportunities facing the microfinance industry. Finally, we conclude with a discussion of the future of microfinance and its potential to drive economic growth and social development.

Keywords

Microfinance, Financial Inclusion, Inclusive Growth, Poverty Reduction.
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  • Empowering the Masses : The Phenomenal Growth and Progress of Microfinance in India

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Authors

Meenu
Department of Commerce DAV College, Chandigarh, India

Abstract


India is home to a large population of people who live below the poverty line, and whose access to financial services has traditionally been limited. Microfinance, which involves providing small loans and other financial services to low-income individuals, has emerged as a powerful tool for poverty alleviation and financial inclusion in India. In this paper, we examine the growth and progress of microfinance over the past few decades. We explore the history and evolution of microfinance, including the role of government policies and regulatory frameworks. We also examine the various models of microfinance institutions that have emerged, including self-help groups, non-banking financial companies, and microfinance banks. We analyze the impact of microfinance on the lives of low-income individuals, including women and rural populations, and assess the challenges and opportunities facing the microfinance industry. Finally, we conclude with a discussion of the future of microfinance and its potential to drive economic growth and social development.

Keywords


Microfinance, Financial Inclusion, Inclusive Growth, Poverty Reduction.

References