Microfinance and Empowerment of Women: An Empirical Study on Self-Help Groups (SHGs) of Rural Areas of South Howrah

Abstract

In the era of lopsided growth and development across the world and especially in our country, the Microfinance happens to be considered as the panacea of the malice and the harbinger of inclusive growth where the system of granting credit to the underprivileged sections of the society is encouraged for unleashing their skill and potentialities towards helping them to reach the path of the holistic empowerment. In order to comprehend the importance of togetherness and mutual support in withstanding the unknown world of finance the significance of formation of self-help groups (SHGs) by the women is the sine qua non for materializing the benefits of microfinance. Against the backdrop, the present study is undertaken to study the impact of socio-economic changes on the women of rural areas of south Howrah after joining the SHG movement. It has been revealed from the study that microfinance initiatives motivate the rural poverty-ridden population especially women to become self-dependent, develop their income and standard of living reflecting their importance in family and society. Moreover, it was also revealed from the study that the fact of the attachment of women members in SHGs by virtue of microfinance initiative had helped them to change the locus of household decision making power as well as decision for capital asset acquisition in favour of the women thereby paving the path of their holistic development.