Micro, Small and Medium Enterprises in India

Microfinance sector has covered a long journey from micro savings to micro credit and then to micro enterprises and now entered into the field of micro insurance, micro remittance, micro pension and micro livelihood. This gradual and evolutionary growth process has given a great boost to the rural poor in India to reach reasonable economic, social and cultural empowerment, leading to better life of participating households. Since two decades financial institutions in the country have been playing a leading role in the microfinance programme. Creating self-employment opportunities is one way of attacking poverty and solving problems of unemployment. There are over 24 crore people below the poverty line in our country. The scheme of MF has been found as ineffective instrument for lifting the poor above the level of poverty by providing them increasing self- employment opportunities and making them credit worthy. Reduction in poverty has been the priority agend in India?s development programme.The ?Garibi hatao? slogan of Mrs. Indira Gandhi in post 1970 is fresh even today in the minds of every Indian. It marked the beginning of an intensified approach to help the poor as reflected in a wide range of programmes for direct intervention to help the poor like the agricultural labourers, small and marginal farmers, rural artisans and dalits. These programmes had a significant impact on the public distribution system with a wide rural coverage, improvement in rural amenities and infrastructures like roads, schools, health centres and banking system. The beginning of the millennium has witnessed a transformation in the economies across the developing nations. Microfinance has emerged as an important tool for improving and vitalizing the economy. Microfinance matters a lot in a poor economy as it enhances the self esteem and self confidence of poor households by helping them to realize their dreams. This book brings out the successful development of microfinance in India as a means for the elimination of poverty, despite the outdated technology used by the SHGs. This book will be great help for the researchers, students and educators.