Socio Economic Benefits of Microfinance in India: A Catalyst for Inclusive Growth
Author : Sepichemla Sangtam and AK Mishra
Abstract :
Microfinance has emerged as a critical tool for promoting inclusive growth and poverty alleviation all over the world. It has proved advantageous even for a developing nation like India as well, a country characterized by vast socio-economic disparities and a large population living in poverty. This paper examines the socio-economic benefits of microfinance initiatives in India, focusing on their role in empowering marginalized communities, fostering entrepreneurship, and enhancing financial inclusion. Through a comprehensive review of literature, case studies, and empirical evidence, this paper explores how microfinance has contributed to poverty reduction, women's empowerment, rural development, and financial resilience among vulnerable populations in India. Additionally, the paper discusses the challenges and opportunities facing the microfinance sector in India and offers recommendations for policymakers, practitioners, and stakeholders to maximize its socio-economic impact.
Keywords :
Financial inclusion, microfinance, poverty alleviation, socio-economic benefits, women empowerment.
