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Breaking the Vicious Cycle of Poverty Through Microcredit

Author

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  • V R K Prasad
  • Smita Agarwal

Abstract

A poverty rate of 30% is clearly one of the most vexing challenges that gnaw at the very foundation of Indian Economy, thereby threatening its stability. One cannot have an indifferent approach toward this issue especially at a time when India is discussed as a probable future economic superpower. This issue, if unaddressed, can widen the income distribution to such a limit where restlessness in the lower strata of society may resort to a naxalistic approach. So, when there is a global tendency towards economic liberalization, it is necessary to make financial services available for most sections of the population which are currently excluded from access to major commercial banks. Such services are an essential condition for the emergence of small-scale private initiatives and a local economy. This is imperative to sustain the growth achieved through economic reforms as this strategy will ensure trickle down effect.

Suggested Citation

  • V R K Prasad & Smita Agarwal, 2004. "Breaking the Vicious Cycle of Poverty Through Microcredit," The IUP Journal of Managerial Economics, IUP Publications, vol. 0(4), pages 82-86, November.
  • Handle: RePEc:icf:icfjme:v:02:y:2004:i:4:p:82-86
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