Women Empowerment in India and Financial Inclusion Barriers
International Journal of Management Sociology and Humanities, Vol. 9, Issue 3, 2018
12 Pages Posted: 20 May 2019
Date Written: 2018
In India financial inclusion has been given top priority in recent years in the philosophies and plans of both financial development and economic growth. Financial Inclusion is the delivery of banking services at an affordable cost to the vast section of the disadvantaged and low-income group. Financial inclusion intends to provide finance to the weaker sections of the society enabling better social development which in turn facilitates investment and economic growth in the country. Inclusive growth is meaningless without including the marginalised sections of society. Excluding women, who represent half the population, makes development process and outcomes unjust and unacceptable, leave alone unfinished. Studies show that over 70 per cent of beneficiaries of the financial inclusion agenda are women. SHGs are one of the essential means to include women in the process of financial inclusion, and they are the prime driver for the financial movement in India. Our study found many shared efforts and experiences to prove motivated and mobilised women's capability and confidence turning to capital resulting in a brighter future for the women themselves and their communities as a whole. India's newfound philosophy of ‘inclusive growth' includes a route for enabling women in the growth process – of the self and the society. The objectives of this paper are: to examine the role and reach of SHGs towards empowerment; to discuss the issues and initiatives in establishing linkages between the socio-economic dynamics and women's empowerment; and to explore specific strategies and practices that may supplant or supplement the SHG initiatives and remove the imbalances that remain in accomplishing total empowerment of women.
Keywords: development, education, financial inclusion, India, SHGs, women empowerment
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