“Changing Contours of Microfinance in India...

“Changing Contours of Microfinance in India”

Author Name : Urbashi Guha, Supatra De Sarkar

ABSTRACT

According to the report of the 2020world population, 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 recognised source is 65%. The role of microfinancing 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. It acts as an anti-poverty vaccine in rural India. This paper tries to study the impact of the micro finance institutions by studying the trend as Mahajan Dr. Mukesh Kumar  attempted to understand past, present and future of microfinance in India. Also by studying few Micro Finance Institutions, along with its impact on poverty reduction and challenges ,the paper tries to show the impact of microfinancing on poverty alleviation in  Indian Economy and to compare the usage of microfinance and other loans available in India. At the end it also tries to show the effectiveness of micro finance institutions during pandemic.

Keywords: Microfinance, Poverty alleviation, rural population, Self-reliance in Indian Economy