Micro-Credit and Rural Development

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Micro-credit has assumed a special significance in the context of increased emphasis on rural development. The noble peace prize to Muhammad Yunus for his work on micro-finance in Bangladesh will not only boost the sector but also inspire governments, banks, voluntary agencies and individuals to strengthen and expand the micro-finance sector. In India, the micro-finance sector has grown form a few self-help groups (SHGs) promoted by NGOs in the mid-1980s to over 29 lakh SHGs at present. The SHG-bank linkage programme of NABARD accelerated the growth of the sector. The Government of India and RBI have laid greater focus on the micro-finance sector to increase the access of the poor to financial services. In time to come, the micro-finance sector is expected to growth further in term of reaching out to more families and would include more services for the poor. To provide an enabling environment for realizing the potential of micro-finance in India, a close scrutiny of issues that are constraining the growth of the sector is required and a strategy needs to be prepared for strong and consistent growth so that a majority of the poor have access to institutional financial services

ABOUT THE AUTHOR Anil Kumar Thakur

Dr. Anil Kumar thakur, M.A. M.Ed., Ph. D., is a senior faculty member in the Post Graduate Department of Applied Economics and Commerce at College of Commerce, Patna under Magadh University. Many research scholars have obtained Ph. D. degrees under his guidance and supervision. Thakur has excelled himself in several areas of Economic Policy and Fiscal Management of the Indian Economy. He has also edited more than forty books/journals/souvenirs. Thakur is a matured organizer and architect of Indian Economic Association. He is the youngest Honorary Secretary and Treasurer of Indian Economic Association. He has founded the Economic Association of Bihar and Jharkhand and remained its Founder Secretary for more than ten years.He is a signature of Indian Economic Association and many organizations of Bihar and India. Thakur is the vanguard of young professional economists living in far-flung rural remote areas to inspire and encourage them to write articles and books.