“Gaining an insight about the functionality of micro finance in Indian context, whether the beneficiaries are able to generate wealth & whether the introduction as well as involvement of financial inclusion for Indian population have been efficacious.”
A Report On –
“Analysis of Microfinance in India.”
A Report submitted in partial Fulfillment of the requirements of M.B.A. Program of ICFAI University, Dehradun.
"Microfinance stands as one of the most promising and cost-effective tools in the fight against global poverty."
-- Jonathan Morduch, Chair, UN Expert Group on Poverty Statistic
On 12th July 2002, Prime Minister Atal Behari Vajpayee outlined an eight point agenda to push the economy on a growth path of eight percent during the 10th plan. Mr. Vajpayee assured that it would be government’s endeavour to ensure that “the poor and the unorganized sector have access to savings, credit and insurance services”. This statement itself is a great boost to the microfinance sector, as one can see the changing perception of the people influencing the policies, toward it. However, it is still a beginning and to make the sector vibrant, the efforts have to be still on.
Microfinance is being practiced as a tool to attack poverty the world over. The term “Microfinance” could be defined as “provision of thrift, credit and other financial services and products of very small amounts to the poor in rural, semi urban or urban areas, for enabling them to raise their income levels and improve living standards” (NABARD 99). Microfinance Institutions (MFIs) are those, which provide thrift, credit and other financial services and products of very small amounts mainly to the poor in rural, semi-urban or urban areas for enabling them to raise their... [continues]
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