An Analysis Of The Microfinance As A Tool For Economic Growth
India is the second most populous country in the world, whose rapidly developing economy, is widening the gap between rich and poor. Microfinance allows the poor to get the loans, they need to save, invest, and create a sustainable lifestyle of financial independence and growth. These loans are used productively by the poor to create their own business, grow their assets and get out of poverty once and for all. Microfinance is gathering momentum to become a significant force in India. In the last two decades, substantial progress has been made in developing techniques to deliver financial services to the poor on a sustainable basis. These loans are aimed to empowering the impoverished the people to start their own business and to grow their money so that they can achieve long term financial independence. Microfinance is one of the effective ways for poverty alleviation economic growth and development in emerging economies. This paper will focus the importance, challenges, obstacles, opportunities and outcome of microfinance in India context.
Keywords-Microfinance, Sustainable, Challenges, Growth, Opportunities.