Implications of Microcredit: A Study on Economic and Personal Well-being of Agro Women Entrepreneurs (BPL Category)

Abhiram Santhosh, Anjali Venugopal, Athira Venugopal, Rakhi Raj and Aarathy K Sudhakaran

Microfinance has emerged as an alternative financial service with a keen focus on poverty alleviation and uplift to the depressed. It gives rise to a silent revolution in financial service by bringing a relevant paradigm shift and trajectory change. The weaker sections of people were able to stabilize their financial health through this concept. So far, it has many success references all over the globe. India too has been very vigilant to make use of their potential in microfinance. There has been a study which tried to assess the capacity of microcredit as one of the services of microfinance, to effect a significant positive change in the personal living standard of poor women who have undertaken agriculture entrepreneurship for livelihood. The study has revealed that among the 25 indicators of personal standard of living, the indicators that polled the highest number of favorable responses are found to be access to health facilities, improvement in job skills, and levels of happiness in family life. Taken together the study has proven that microcredit can be fruitful to poor women agro-entrepreneurs from rural background. Moreover, various financial institutions also play a critical role in providing microcredit to entrepreneurs among the urban sectors through microfinance. The sample randomly selected for the study comprised 100 members belonging to both urban and rural backgrounds and encompassing diverse age groups, educational levels and entrepreneurial fields. The business has arrived at 30 percent of the potential family units in the nation that need microfinance. During the period of 2018-19, microfinance industry shows a growth of 38%. The total number of microfinance debts turned into 9.33 crore on the end of March 2019 which shows a growth of 21.9%.

Volume 12 | 04-Special Issue

Pages: 272-278

DOI: 10.5373/JARDCS/V12SP4/20201489