Abstract
Microcredit is a financial innovation which originated in developing countries where it has successfully enabled extremely impoverished people to engage in self-employment projects that allow them to generate income, begin to built wealth and exit from poverty. Microfinance is the extension of very small loans to the entrepreneurs and to others living in poverty that are not considered bankable. These peoples lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a tool for socioeconomic development. This paper describes different strategies such as demand service and supply side service to reducing the poverty nuxes in India and also tells challenging and achievement of using this strategies to reducing the poverty.
Highlights
Over 900 million people in about 180 million households in the Region live in poverty
Since India became part of the global economy and underwent economic reform in 1991, its economy is growing at a faster rate of nearly 10 per cent per annum
Microfinance services are provided by three types of sources :(i)formal institutions, such as rural banks and cooperatives;(ii)semiformal institutions, such as nongovernment organizations; and informal sources such as money lenders and shopkeepers
Summary
Over 900 million people in about 180 million households in the Region live in poverty. In the last two decades, a significant proportion of the population across the country has reaped the benefits of this economic growth. They have become the part of global economy and market, and their lives have transformed into one of global citizens with all the comforts and luxury in life. Apart from this burgeoning middle class in the country, the economic growth seemed to have touched the lives of the poor . The intention of this paper is not to join the debate on the level of poverty reduction in the country but to recognize the reduction
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
