Virander Goyal - Academia.edu (original) (raw)

Papers by Virander Goyal

Financing under Self Helf Groups (SHGs) scheme is based on the concept of Microfinance which is a... more Financing under Self Helf Groups (SHGs) scheme is based on the concept of Microfinance which is a term for the practice of providing financial services such as microcredit, micro savings and micro insurance to the rural poor. As this program is going on for the last many years, the present study has been carried out keeping in view the objectives that what is the impact of Microfinance on living standards, empowerment of women and poverty alleviation in the Kaithal district of Haryana. . It has been found that there has been considerable increase in the income, savings and economic assets of the beneficiaries after joining the scheme. The increase in income and savings has raised the standard of living of the members. It has also resulted in increasing their confidence and has helped in social justice and empowerment of women.Microfinance can be a success story if we adopt healthy practices adopted by Gramin bank of Bangladesh such as five members in SHGs. It is sad to observe that our approach in micro financing is 'target oriented' in terms of expenditure allocations which is required to be made 'result oriented'. There is a scope of monitoring and evaluation by academicians rather than professionals and officials to make it unbiased. To ensure inclusive growth which means including the excluded segments, caring the less cared and using the less used manpower, we need to control corruption, population and inflation. There is a strong case for monitoring and evaluation with good governance (SMART administration), manpower planning and inflation targeting for achieving the better results in making microfinance under SHGs a success story in India.

Credit is one of the most crucial inputs in the process of economic development of the poor peopl... more Credit is one of the most crucial inputs in the process of economic development of the poor people. Microfinance as one of the schemes of credit is expected to play a significant role in poverty alleviation if not eradication and also rural development. Microfinance is a term for the practice of providing financial services such as microcredit, micro savings and micro insurance to the rural poor. These services may include savings, credit, insurance, leasing, money transfer etc. The poor find it difficult to have an access to financial services through the formal sector because of the cumbersome procedure. They do not have any collateral to secure a loan though they have small savings. These poor people have to approach village moneylenders to meet their credit needs. Microfinance has become one of the most effective interventions for economic empowerment of the poor. In the present paper an analysis of the socio-economic impact of the microfinance has been made. For this purpose a survey has been carried out in the Saras Mela (Festival) at Geeta Jayanti celebrations at Kurukshetra during December 2011 in which 248 members of the Self Help Groups (SHGs) from the 16 States of India participated. We have interviewed 57 members of SHGs through an interview schedule specially designed for the purpose. The socio-economic determinants of the study include: occupational category, age of the head of the family, asset holding, educational status, social expenditure and the family size. The socio-economic impact of the microfinance in respect of increase in the income levels, confidence, quality of life, social status and other qualitative changes has been analyzed by using statistical techniques. It is found that there is a substantial increase in respect of most of the above variables. There is a strong case for monitoring and evaluation with good governance (SMART administration) for achieving better results for making the microfinance schemes a success story in India.