Microfinance can play a key role in building a resilient India4 min read 23 Apr 2021, 12:25 AM IST
Microcredit has had the most far-reaching impact on financial inclusion in India. The money lent has created millions of jobs and the industry itself has grown robustly in the past two decades
Years ago, when I used to work for a non-government organization in Bengal, I would travel deep within the state and speak to economically-underprivileged people in rural areas to try and understand the challenges they faced. On one such visit, I met a woman residing in a mud-house, who was cooking, even as I was speaking to her. I tried to educate her about the benefits of health, hygiene and education, but she seemed uninterested in what I had to share. After a while, I was intrigued to ask her why she wasn’t paying attention. Even as she kept cooking, she told me that her daughter had been craving some fish curry and rice for the past few days, which she couldn’t provide as she didn’t have the money. All that she could think of at that moment was what new excuse to offer for failing to fulfil her wish yet again.