Microfinance - The only way to inclusive growth

It is not a sudden finding. It has been in the back of most people. It does not find proper articulation because we are too greedy to part with even a small portion of our profits to let the deprived population emerge. As we all know, the majority of Indian population is lower middle class to poor people. Of late, a sizeable portion of the Indian community has become middle-class and upper middle-class. But if India, needs to realize its potential, it doesn't just lie in the middle-class but in trying to bring up the lower levels. Even the world is looking at the second largest nation in terms of population to realize this and emerge more powerful.

Just imagine the huge opportunities that lie ahead if this huge population turns a consumer to the products and services that are produced... It's unimaginable!!!!!!!!!

I am working on this paper on microfinance and as I was going through the reports of the last three years it felt so depressing to find that about half of the Indian population that live in rural India do not have access to any sort of credit. Of those, who have access to credit, a majority do not know how to use the credit available. There is lack of consultancy services or business development that could help the rural population.

There has been a slight spark because at many places where innovative and socially active business people have taken steps that has led to the formation of co-operatives like GCMMF, e-Choupal, etc. However, in most other places, people are deprived of any such help.

Microfinancing along with proper business model developments and consultancy can however help this deprived population and help India march forward.

The big question is: When you are in a position to join and help will you be willing to help this initiative of rural development become a movement in inclusive growth???