Micro Finance in India

Economics

The article underlines the impact of micro financing in the present time in India. It act as an anti-poverty vaccine in rural India. In a developing country like India, this is the well-known fact that much of the Indian population still resides in rural area with lack of facilities and knowledge and have minimum amount of money to meet their basic needs. According to the report of the 2020 of World population this is the well-known fact that much of the Indian population still resides in rural area with lack of facilities and knowledge and have minimum amount of development indicator, complied with officially recognized source is 65.97%. . India the second largest populated country where 60% of the population work in agriculture sector, consequently which leads to underemployment and that in consequence further leads to low income per capita. The income earned is too low that it is not sufficient for the people to meet with their basic needs. The role of micro financing plays a vital role in the lives of small businessmen in urban areas and entrepreneurs in under developed parts of India, and the people living in rural areas. The people of rural areas have very low access to the institutionalized credit, So micro financing works as a boon for the people living in rural areas which help them to have stability with respect to their financial issues.

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