📄 Abstract
The Indian economy is characterized by a slow rate of development, a large rural population, an over-reliance on agriculture, a high rate of unemployment and poverty, among other factors. Some recently developed solutions, including micro financing, are playing a crucial role in helping to solve these issues. Microfinance plays a crucial role in the lives of small business owners and residents of rural areas. Rural residents have very limited access to institutionalized credit, thus microfinance acts as a blessing for them by helping them to resolve their financial issues. In a developing nation like India, microfinance is viewed as an instrument for socioeconomic advancement. It is anticipated to have a big impact on development and reducing poverty. The importance of microfinance in Indias economic development is highlighted in this study.
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📚 How to Cite:
Sruthymol Joseph , A RESEARCH ON THE IMPACT OF MICROFINANCE ON INDIA'S ECONOMIC DEVELOPMENT , Volume 8 , Issue 5, may 2023, EPRA International Journal of Research & Development (IJRD) ,