Socio-Economic Empowerment through Microfinance in Haryana

Empowerment is a multi-dimensional socio-economic process that helps people gain control over their own lives. It is the process of enabling people, especially women to acquire and possess power resources to make decisions on their own. To alleviate discrimination, discontent and deprivation, microfinance programs have been promoted as an important strategy for empowerment ever since 1976 when Mohammad Yunus of Bangladesh begun experimenting with microcredit and Self-Help Groups (SHGs). In the present study which has been conducted in four districts of Haryana State, 325 members of the SHGs have been interviewed with the help of a comprehensive schedule. The socio-economic empowerment has been judged by analysing the responses of the beneficiaries. Microfinance has helped in increasing income/ savings levels and number of assets which resulted in improvement in quality of life, satisfaction and esteem of the members thus leading to their empowerment. It has also helped in women empowerment and social justice by reducing domestic violence and alcoholism but has not helped in preventing bigamy and remarriage of widows.