Microfinance as a Strategic Tool for Promoting Self-Reliance in India

Abstract

This study, explores the critical function that microfinance plays in the context of India's 'Self-Reliant India' initiative. Our research aims to determine the factors that both facilitate and hinder the 'Self-Reliant India' initiative, as well as to evaluate how well microfinance is working to further this goal. We use a thorough methodology to compile information from financial institutions and government reports on variables like loan disbursements, repayment rates, and important economic indicators. The subtleties of these relationships are revealed through the use of statistical techniques such as regression and correlation analysis. Numerous elements that either support or undermine the effectiveness of microfinance programs.

This study will provide useful insights that will enable policymakers, microfinance institutions, and entrepreneurs to make well-informed decisions that align with the objectives of self-reliance. Additionally, the study makes a substantial contribution to the larger conversation about the role that microfinance plays in promoting inclusive growth and economic independence in India. In the end, the study highlights the transformative potential of microfinance within the 'Self-Reliant India' program, advocating for its integration as a crucial tool in India's quest for self-reliance, even as it acknowledges its inherent limitations.

The main conclusions of the study highlight the significant role that microfinance plays in fostering economic independence, with a focus on how it empowers marginalized groups, especially those living in developing nations. Furthermore, the analysis clarifies significant insights into the performance of microfinance and its role in promoting inclusive growth in the Indian setting are examined in this research paper. We will examine current trends and updated data to provide insight into how microfinance has changed in India's quest for self-reliance.