Abstract
The concept of women’s empowerment in the social, political, and economic order as a prerequisite of human development is hardly given the priority that it deserves. The welfare approach introduced in the 1950s and followed through the 1950s may be considered the earliest policy approach concerned with women in developing countries. This approach to women focuses mainly on their productive role, on the basis that poverty alleviation and the promotion of balanced economic growth require the increased productivity of women in low-income households. Microfinance could be a solution to help them to extend small loans to run their micro enterprises. Women in rural India who were living in stark poverty have been able to change their lives, enhance their levels of income and could empower themselves with the help of microfinance given through SHGs. The benefits are not merely economic; they have also helped the women gain qualities of leadership, attain self confidence, economic self-sufficiency, self respect and concentrates on capacity building among women. The women undergo training programmes and discuss various issues that concern them and their village. Microfinance can primarily strengthen political empowerment through two mechanisms. First, if microfinance improves the economic and the social conditions of the poor, the poor’s political empowerment will consequently rise due to an increase in their self-efficacy. Second, in addition to increased self-efficacy, microfinance Can also increase the social capital in a society, which then improves individual’s access to political information and capacity to participate in politics.
Keywords: Micro Finance, Women Empowerment, Development.
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