Elevating Living Standard through Apposite Utilization of Microfinance

Authors

Dr. Sandeep Singh Chib (Associate Professor)
School of Business Management, Chandigarh University.

Abstract

Poverty is a curse which deprives an individual to earn his bread with honor in the society. That is the reason why countries and societies which are pretentious by poverty are more prone to terrorism and crime. India is a developing country amalgamised with vivid societies and economic classes. In order to diminish the economic gap between rich and poor the government is running many prestigious programs. One of them is providing financial assistance to the potential entrepreneur in the form of micro financing. This paper ponders on the role of the same in reducing the financial disparity among the citizens of India. This research inculcates statistical tools like factor analysis, KMO test, co-relation, regression and descriptive statics. The study advocates that. Micro financing has helped in reducing the financial stress and establishing small entrepreneurs. The study can help to increase the efficiency of microfinance providers as it analyses the constraints faced by them and proposes suggestions to mitigate the situation. It also speaks of the socioeconomic status of the beneficiaries and what impact it has on the poverty elevation, expansion of the business organisation and increased employability in the study area. The future scope of the research has been spent out as well.