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Raising the ‘Beatrice’s Goat’: The Indian Experience in Microcredit

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  • Asalatha, B. P.
  • Vijayamohanan, Pillai N.
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    Abstract

    Empowerment of the poor entails three basic inter-linked dimensions – generation of employment (and income), reduction of poverty, and erasing inequality. The perspective has now undergone a basic change from the collective care mechanism of a paternalistic state intervention meted out from the top to bottom to a people-centered and participation-oriented bottom up approach. With this new perspective, new practices have emerged through integrated community participation of the poor. Thus the basis of the concept of micro finance is self-mobilization and self-organization of the poor at the community level driven by an ardent desire backed by an unfaltering trust in their own inherent capacity to improve their living conditions by themselves, given an enabling environment. An active realization of such self-mobilization is found in self help groups (SHGs), formed for distributing the microcredit benefits, inspired by the success of the Bangladesh Grameen experiment. This approach has already taken strong roots across the lengths and breadths of India as an effective and viable channel to take the poor to a new domain of economic empowerment and social upliftment. Microcredit, which synergies the thrift and credit habits of the poor in a participatory and informal setting, is now widely acknowledged as a strategic tool in all poverty alleviation programmes. This paper discusses the Indian experience in microcredit.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29049.

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    Date of creation: 01 Dec 2010
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    Handle: RePEc:pra:mprapa:29049

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    Keywords: Microcredit; Indian experience; empowerment; financial inclusion;

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    1. John Weiss & Heather Montgomery, 2005. "Great Expectations: Microfinance and Poverty Reduction in Asia and Latin America," Oxford Development Studies, Taylor and Francis Journals, vol. 33(3-4), pages 391-416.
    2. Lapenu, Cécile & Zeller, Manfred, 2001. "Distribution, growth, and performance of microfinance institutions in Africa, Asia, and Latin America," FCND discussion papers 114, International Food Policy Research Institute (IFPRI).
    3. J. Copestake & P. Dawson & J.-P. Fanning & A. McKay & K. Wright-Revolledo, 2005. "Monitoring the Diversity of the Poverty Outreach and Impact of Microfinance: A Comparison of Methods Using Data from Peru," Development Policy Review, Overseas Development Institute, vol. 23(6), pages 703-723, November.
    4. Robert Cull & Asli Demirguç-Kunt & Jonathan Morduch, 2007. "Financial performance and outreach: a global analysis of leading microbanks," Economic Journal, Royal Economic Society, vol. 117(517), pages F107-F133, 02.
    5. Khandker, Shahidur R., 2003. "Microfinance and poverty - evidence using panel data from Bangladesh," Policy Research Working Paper Series 2945, The World Bank.
    6. Craig McIntosh & Alain Janvry & Elisabeth Sadoulet, 2005. "How Rising Competition Among Microfinance Institutions Affects Incumbent Lenders," Economic Journal, Royal Economic Society, vol. 115(506), pages 987-1004, October.
    7. P. Mosley, 2001. "Microfinance and Poverty in Bolivia," The Journal of Development Studies, Taylor and Francis Journals, vol. 37(4), pages 101-132.
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