From Microcredit to Social Business: Towards Making Poverty History Innovative ideas are not standstill, when ideas works they create attraction and developed gradually that microcredit did. In the process of advancement, idea continue to change, newer ideas emerge, sometimes it may outdo the original ideas and very different from the expectations (Mulgan, 2006, p. 154). In the course of time, Grameen Bank own by the ‘poorest of the poor’ who are mostly women becomes a giant that now has 31 different
concept of micro finance is not new. The history of micro finance dates back to early 1700’s. In the early 1700’s there were a number of savings and credit groups were operating all over the world. A few of them are “Susus of Ghana, “ Chit funds” in India, “Tandas” in Mexico, “Arisan” in Indonesia, “Cheetu” in Sri Lanka etc. There were also other formal institutions that were operating to lend to those who were not given credit by the commercial banks. In early 1700’s, author and nationalist Jonathan
permanent access to an appropriate range of high quality financial services, it includes not just credit but also savings, insurance, and fund transfers.”. Promoter’s microfinance generally believes that such access will help poor people out of poverty. Microcredit should not be mixed with microfinance, which addresses a full range of banking needs for the poor people. As the financial services of microfinance usually involve small amounts of money – small loans, small savings etc. – the term "microfinance"
A majority of the Indian population lacks opportunities such as financial resources and thereby the ability to get jobs. They are stuck in an endless cycle which provides them with no opportunities to lift themselves out of poverty. Microcredit has been seen as a lifeline and as an opportunity by governments in developing countries, international funding organizations and donor agencies, in order to help the poor attain money since the 1950’s. It was in the 1950s and1960s, for the first time Indian
opportunities for people to lift themselves out of poverty. Microcredit has been used as a method by governments in developing countries, international funding organizations and donor agencies, in order to help the poor make money since the 1950’s. During the 1950s and1960s, the Indian government started disbursing loans to families in rural areas that worked in the agricultural sector as well as city-dwelling families to promote economic growth throughout India with collaboration with the Indian Government
of violence and ethnic strife. On August 15, 1947, after much relcutance and violent persuasion by militiary means, the British Empire agreed to enact the Partition of India and split South Asia into two autonoumous states, India and Pakistan. The ethnic reasons for division were motivated by religious differences between Hindu India and Islamic Pakistan. But Pakistan was not the nation-state that it appeared to be, and a long history of differing Bengali culture eventually resulted in the creation
Merrill, Sally, and Nino Mesarina. 2006. "Expanding Microfinance for Housing." Housing Finance International 21, no. 2: 3-11. Mills, Sophie. 2007. "The Kuyasa Fund: housing microcredit in South Africa." Environment & Urbanization 19, no. 2: 457-469. P.J., Manoj. 2010. “Prospects and Problems of Housing Microfinance in India: Evidence from “Bhavanashree” Project in Kerala State.” Microfinance Gateaway. no. 19: 178-194. Rust, Kecia. 2007. "The role of housing microfinance in supporting sustainable
meet local demands as well as contribute to export earnings. MSMEs are important for self-employment, generating employment opportunities for others, increasing GDP growth, contributing to export earnings, supplying livelihoods to stakeholders, and poverty alleviation of the country. Cluster-based MSME entrepreneurship development could be an effective tool to generate local employment. But existing challenges like creating skilled manpower as per sectoral demands, providing product-specific manufacturing