Women’s empowerment and financial inclusion in India: 2006-2019

Women play a vital role in the fabric of society globally, and their active involvement in development programs is essential for fostering a healthy and progressive environment, particularly in developing nations like India. However, historically, women’s potential has been overlooked, leading to systemic neglect across various dimensions, including economic, socio-cultural, familial, legal, political, and psychological realms. As a result, women often lag behind men, facing deprivation and barriers to accessing resources and opportunities. Hence, the discussion on women’s empowerment through financial inclusion in India is crucial within the academic sphere. This paper seeks to investigate the impact of microfinance programs facilitated by Self-Help Groups (SHGs) in collaboration with banks on poverty alleviation in India since 2006. Specifically, it focuses on the economic empowerment of women over the past thirteen years and their pivotal role in mitigating poverty through microfinance initiatives in the country. Drawing on a range of secondary sources, including reputable data, the study underscores the positive correlation between increased participation in microfinance programs and women’s empowerment. Economic empowerment through microfinance not only enhances women’s decision-making power but also amplifies their influence in critical areas such as education, healthcare, and family welfare. Beyond individual empowerment, women’s active engagement in microfinance initiatives catalyses broader societal progress, thereby contributing significantly to the socioeconomic development of India.In conclusion, economic empowerment through microfinance emerges as a powerful mechanism for enhancing women’s agency and fostering societal advancement, ultimately paving the way for inclusive and sustainable development across India.