1.1.1 INTERNSHIP INTRODUCTION
Finance is assumed to be one of the most important tools for the growth and poverty improvement in a country. Financial inclusion is a vision for every country to achieve so that it can provide quality services to its citizens. Govt. Has introduces many schemes to achieve the aim of Inclusive growth and abandoned access to Financial services. Many initiatives, schemes and reforms have been put into the place after independence. Many Cooperative Banks where introduced to supply credit for farming purpose and for this cooperative banks came into existence immediately after Independence and further it was followed by the nationalization of many banks and priority sector lending and subsequently.
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Financial inclusion has been successful in other countries India is also trying this for all time to achieve this goal. Access to affordable financial services would lead to increasing economic actions and employment opportunities for rural households with a possible multiplier effect on the financial system. Financial inclusion could enable a higher disposable income in the hands of rural households leading to greater savings and a wider deposit base for banks and other financial institutions. So i thought it would be better to study financial inclusion (PRADHAN MANTRI JAN-DHAN YOJANA) how it would help the people and economy as a whole.
1.1.4 OBJECTIVES OF THE STUDY To briefly study and examine financial poverty in India. To study and analyze recent standing of Financial Inclusion in the Jammu and Kashmir State. To assess latest scheme under financial inclusion ( Pradhan Mantri Jan Dhan Yojana) To see how it is helpful for the society. To see how many accounts have been covered under pmjdy.
1.1.5 SCOPE OF THE STUDY To study and analyze financial inclusion practices which are carried by Jammu and Kashmir
Since the word “literacy” is usually used to describe the measure of one’s ability to read, write, and speak a specific language, financial literacy can, thus, refer to:
What does it mean for someone to be on the lines of poverty or living in poverty? What is this word that is falsely used and missed analyzed? Poverty is the state of being extremely poor or being inferior in quality or insufficient in amount. In 2010, 16.4 million children, or 22.0 percent, were poor in the United States alone. (Tanner, 2014) The poverty rate for children also varies substantially by race and origin. If the rate of poverty continues to rise, will there be any hope left in humanity? The real question is not what is poverty but why is there so many people living in it. The ideal job of the government (federal and state) is to create a better/safer environment for the people. The model the “government” campaign is that everything they do is for the “benefit” of the people. When does the word “benefit” come into play when twenty-two percent of the population cannot supply a place for their children to sleep, put food on the table, and get a job that pays well enough to support their family. Are there any real benefits knowing families living in poverty have only one percent of a chance of getting out? Who is to blame? Where and how did this problem all start? What is this so called “government” doing to help stop the increasing rate of poverty? As you read this essay, it will explain what it means to be truly poor and why the government does so little to help. Include real stories from people living in poverty, what the government is doing to help (and if it’s enough), and is the problem of poverty becoming worst or slowly rising to become better.
Today’s world is faced with numerous social problems that pose enormous threats to humanity. Many of these problems threaten our very survival. Poverty is an issue that plagues all societies in every part of the world. Not even the most privileged countries can seemingly avoid it. It has a huge presence in the United States which is one of the wealthiest nations in the world.
Over the past few decades, factors such as globalization, de-regulation, credentialism, and technological progress have brought momentous transformations to the economies of the world. Wealth imbalance between countries has contracted, while income inequality within countries has expanded. The demand for highly skilled workers has increased, and so have the salaries for the most successful individuals in society. Less educated people, however, have fared relatively worse. This is quickly attracting the attention of governments of many countries, including Canada.
Wealth is the many fortunes that billions of people have never gotten a glimpse of. In contrast, poverty has drenched the lives of over three billion people; 270 million of these people are Indigenous. The 15 percent of the world’s indigenous poverty resides in Canada. Issues such as land usage, lack of employment, internal conflicts, poor education, and racism are well known factors of poverty. The Indigenous peoples of Canada are predominantly controlled by the issues derived from poverty.
Even though poverty is a huge issue in America, there is hope for the impoverished. If the government stresses the seriousness of poverty and teaches people how to save money, poverty will decrease. Living in Poverty is our own fault. “It is based on bad choices, not a bad economy. The poor are getting poorer because of the lack of education, and knowledge of their futures; which is the second demographic characteristic of poverty. The ranks of the impoverished overflow with high school dropouts who are at a great disadvantage in today’s increasingly knowledgable economy’’ (Malanga 1).
This topic about helping poor people get out of poverty is a critical issue. Almost 800 million people across the globe, most of them children, live with hunger or malnutrition as a regular fact of life. They live in desperate poverty, which means they die younger than they should, struggle with hunger and disease, and live with little hope and less opportunity for a life of dignity (USCCB). Poverty poses a dramatic problem of justice; in its various forms and with its various effects, it is characterized by an unequal growth that does not recognize the "equal right of all people to take their seat ‘at the table of the common banquet' (Social Doctrine of the Church) ."
The government of India has suggested an approach called the MGNREGA for poverty reduction. This program was launched in September 2005 by the central government of India. The major focus of the scheme is that it provides 100 days of paid employment to every household from rural areas. The goal of the act is to increase earnings of the villagers. Adult members of households do a wide range of laborious work which does not require any specific skills. What is more, the program has covered sufficient amounts of slow-developing rural areas of India: 200 – in the first st...
This is necessary as the vast majority of individuals migrating from rural to urban centers has been steadily increasing with the level of economic growth seen within the past twenty years as mentioned earlier. Unfortunately, this situation has further shown the structural issues and inequalities of cities, as most migrants end up having a poor quality of life living in informal settlements as highlight substantially by Boo. As a means of tackling this, however, the Indian government has turned its focus on investing rural regions, developing the agricultural sector. Specifically, Boo mentions that “the prime minister, Manmohan Singh, had come down from Delhi to express his concern for the farmers’ hardships, and the central government’s determination to relieve it” (p. 138). While this is definitely important funds are not being divided justly. For starters, between rural and urban areas almost all investments are being targeting towards rural regions, which is only addressing issues of inequality in one section of the country. Furthermore, across rural areas inequalities of investment are quite often overlooked. Although, “one of the governments hopes was to stop villagers from abandoning their farms and further inundating cities like Mumbai, but Asha’s relatives knew nothing of these celebrated relief programs” (p. 138). Therefore, even though
In the United States, there are less low-income students admitted into universities and colleges than high-income students. Especially in the case of top-tier universities, students from well off families are better represented. This underrepresentation is largely due to the fact that poor and minority high schools tend to not prepare students for the admission process. One of the many implications is racial because of the correlation between certain races and income in America. Even if students with low-income backgrounds make it into a university, they are much more likely to dropout than students with high-income backgrounds.
Financial Aid was created to increase enrollment rates for higher education. It is expected of young adults to further their education to get a good job, even if they do not have the money to do so. Because of these expectations, the price of college tuition has increased dramatically. Due to the increase in tuition, middle class families can no longer afford to pay for their child’s education, causing students to have to work to pay for college because they do not qualify for financial aid. With the criteria set for Financial Aid, it is becoming more difficult for middle-class students to afford college. College students who work to support themselves and their families should be granted much more financial aid than they currently receive.
Numerous amounts of people have financial problems when they get out of high school, so what should the school board do? In 2007, thirty-four out of fifty states have personal finance courses in their curriculum (Bernard 4). A financial literacy course seems to be what a majority of states are doing. Financial literacy courses have their pros and their cons just like everything else. Financial literacy courses bring up some very important questions.
In the past decade, many college students have fallen into poverty. There’s a lot of issues that go beyond this topic, many people wouldn’t think College students could end up in poverty. Because, either those college students get scholarships or financial aid but, none of those could support a college student. I believe that there could be a more possible way for a college student to survive the college life and earn the degree they desire.
Microfinance has been a powerful and effective tool in the reduction of poverty by bringing the poor into the income stream. This is because it creates an opportunity for the poor to be able to indulge in self-employment rather than waiting for employment opportunities to be created. The invention of Grameen Bank and other programs has led to the spread of more and more micro-credit and microfinance services to the poor in the society. (Mason and Yamaguchi)
The first and arguably most common effect of poverty on society is its financial impact (Veritta, 2008). In many of the societies that experienced significantly high levels of poverty, debt was increasingly common, and especially debt accrued from moneylenders (Hatcher, 2016). For many individuals living in poverty, access to financial services such as banking is often stifled and rudimentary, making it difficult for such individuals to access self-improvement loans at standard and fair rates (Yoshikawa, Aber, & Beardslee, 2012). For these individuals, moneylenders are the best option available, which results in them paying exorbitant interest rates. The interconnection between poverty and finance, however, is cyclic in nature. The lack of finances or access to financial services causes poverty, which in turn causes an isolation of individuals from finances and financial services (Hickey & du Toit, 2013). This makes poverty a fairly complex problem to