Microfinance – A Boon to Rural Development

Abstract
India is a country with the population of 145 crore in the middle of the year 2024. Out of the total population, nearly 70% are living in the rural region from where they cultivate and supply the food grains to the entire nation which includes the urban and semi urban region. Nearly 50% of the national economy depends on the rural region but the living status of the rural people is not upto the level of satisfaction as they fight for food security and job security. At this juncture the microfinance plays a vital role in stabilizing the life of the rural people by offering loan, life skill programme, training & development programme and strengthen the economy of the nation through rural region. The government of India along with the State governments executes the financial supports like loan / micro finance to the poor people, daily wage workers, agriculture based labours, artisans, coolies, street side sellers, etc. so that they may start to live as a self- employed and even may start a small size of own business. This microfinance leads the rural people towards the development and support the nation to become the superpower country in the world. The people from the rural region learn to manage the poverty and try to live a self- satisfactory life with the help of the microfinance.
Keywords: Microfinance – Rural Economic Status – Challenges Faced – Rural Development
– SHG Role – Microfinance Institutions Role

References

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