Trends and Impact of Micro-Finance in Haryana – A Review

Gender equality and women empowerment which are part of the United Nations Sustainable Development goals have attracted researchers and policymakers worldwide. Various programmes and interventions aiming at empowerment have been designed and implemented by both national and international agencies. One of the flagship programmes of NABARD introduced in the year 1992, the self-help group (SHG)–bank linkage model is also known for its impact on the availability of credit and empowerment of women. Later, the SGSY scheme was restructured into the National Rural Livelihood Mission (NRLM) in the year 2013. Initially, SHGs focussed on savings and credit linkage, but now the emphasis has been changed to generate livelihoods and economically empowering women on a sustainable basis through training women to establish micro-enterprises. In this facet, the journey of microfinance in empowering women is systematically analyzed. The state of Haryana has consistently outperformed other states in terms of economic and agricultural growth but it ranks poorly in terms of its key human development indicators. Despite high productivity and low poverty, the state faces challenges related to the health and nutrition of children. Literature provides evidence that the health and nutrition status of children and women is closely linked to women empowerment. Using secondary sources of data, we conclude that micro-finance can be a useful tool for empowering women provided the roadblocks are identified and the requisite support is provided to women entrepreneurs.