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  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

    Copyright Universal Multidisciplinary Research Institute Pvt Ltd

    130

    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    Role of Microfinance and Entrepreneurship Development in India

    Dr. Sushil K. singh*

    Ram Pravesh**

    Abstract

    The entrepreneurship development in any country leads to the employment generation and

    poverty eradication. Thats why every country continuously tries to speed up the

    entrepreneurship. In the scenario of India small entrepreneurs need small fund to boost up the

    small business but government sector financial lending institutions are now failed to do it.

    Therefore this creates the dependency of micro entrepreneur on microfinance lending institution.

    It is seeing in structure of micro enterprise lending. Bangladesh is a pertinent example of, role of

    microfinance in economic development after that Bangladesh became a model of economic

    development through micro finance, now developing country applying this modal for economic

    development. In the same line India is also applying and experimenting the flourish outcome of

    microfinance. microfinance playing a vital role in economic development by entrepreneurship

    development in India. The success of small business in India depends upon the accessibility of

    working capital. It is only possible by microfinance lending. This paper is prepared by use of

    secondary data. The researcher used internet as source of collection of secondary data. Tables

    and simple percentage were use in data presentation. For analysis the two broad variables keep in

    center in the study. First is entrepreneurship development as a dependent variable and second is

    microfinance as an independent variable. The research paper is divided in three sections. First

    section reveals the success of microfinance in different region across the country for

    entrepreneurship development. The second section discloses the relationship between

    microfinance and entrepreneurship development in the country. The third section concludes the

    result of the research that is there is positive impact of microfinance institution lending on

    entrepreneurship development in India.

    Keywords- Entrepreneurship, Microfinance, Lending, Development, Financial Institution etc

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

    Copyright Universal Multidisciplinary Research Institute Pvt Ltd

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    Introduction

    The process of industrialization of India was start in second five year plan with the

    objective of employment generation and to fulfill the hope demand of individuals. Although it

    was centralized to only a group of industry that why a mass of Indian remain excluded by

    entrepreneurial orientation because of they have not any idea to do something even does not have

    finance to initiate. About 90 percent of people in developing countries lack access of financial

    services from institution either in form of credit or saving ( Robinson et all 2002). Therefore so

    many rural people migrate to big city for employment. After globalization so many multinational

    companies spread their business in India at rural level but rural people remain unemployed. It is

    sure that our success of development since independence is not satisfactory. Unemployment,

    poverty, low living of standard, satisfaction level even our happiness level is very low in rural

    region. Poverty and mass unemployment is very big challenge for us irrespective of immense

    opportunity of entrepreneurship in agriculture and rural non- form sector. It is well known that

    institutional financing system to poor in India is unable to fulfill their credit needs in response of

    that micro finance is growing. Microfinance is playing a instrumental role in improving the

    quality of life and eradication of poverty by meeting the needs of credit of rural poor.

    microfinance has already made a positive impact on quality of life of millions of poor people

    by providing greater access to credit, saving, insurance, transfer remittances, and other financial

    services which would otherwise be untouchable. 1 Success of microfinance in Bangladesh to

    provide livelihood opportunity to rural people have been became an instrument in several less

    developed countries like Uganda, Bangladesh, Nigeria, and so on for sustainable

    entrepreneurship development. In India rural people have low capacity to finance their

    enterprise so productivity is limited, income is low, respectively domestic saving remain low and

    again any increase in productivity is impossible. Skewed distribution of microfinance institution

    in India is also breaking the rural people to engage in new entrepreneurial activity, hinder

    economic growth, which inhibit the sustainability of entrepreneurial activity. Anyhow

    microfinance acts as a tool to empower the rural people. Therefore now we have to focus on, to

    what extent microfinance empowers the entrepreneurship in rural people? And what is its

    contribution to economic development? The economic development is the process of

    improving the quality of all human lives (Todaro 1994). So the economic development consider

    three characteristic namely growth in income and consumption, speeding self-esteem by

    institution that enhance human pride, and increasing freedom of people. So it considers the all

    aspects of human development that is possible by only microfinance, if we talk about poor

    people. When the income of poor people rise then they improve their nutrition and send their

    children to school (Robinson 2002). Guy Vincent says it is fundamental to economic

    development, but also financial services help the poor to expand their economic activities and

    increase their income and assets, their self-confidence grow simultaneously

    iInternational journal of college science, 3: 2 July 2009, Tiyas Biswas and P. P. Sengupta

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

    Copyright Universal Multidisciplinary Research Institute Pvt Ltd

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    Objective

    1. To analyze the development of micro financing in India.

    2. To analyze the entrepreneurship development in the context of microfinance.

    Context of micro finance in India

    From past to present microfinance sector of India reveal the cash-cow growth pattern. It is

    fact that 8 MFI have approval to open small finance bank by reserve bank of India and one MFI

    has already worked as bank. The MFI in India generally covered those areas which are not now

    covered by main stream financial institution and for those it playing a vital role for financial

    inclusion. Now microfinance program have the take up the world wide campaign to provide

    credit to poor by designing product and channels that fulfills the needs of the poor. The

    economic situation and increasing earning of microfinance institution reveal that poor had great

    repayment potential and also reveal by extension of its credit to women. at the end of March

    2015 478 MFI were functioning in 33 state including Union Territory and 568 District in India

    and has been reach to 33 million clients with 490 billion credit portfolio among them 40 percent

    functioning in southern region and 25 percent in eastern region. The contribution of NBFC-MFI

    is 85 percent of the total clients and 88 percent of the outstanding portfolio further remains

    contributed by NGO-MFI. The 97 percent of the client of MFI is women and 67 percent is urban

    at the end of 2015 March.

    Region wise Selp-Help Group across the country

    According to report of status of microfinance in India 2014-15 ( NABARD) there are every

    region of India except southern region have good potential to open SHGs because huge range of

    village are not covered by existing SHGs in that region. In the northern region of the country

    360858 SHGs is currently functioning but several village was not covered by them and and

    potential of the region to formation of new SHGs is around 680628. The north eastern region of

    the India has also good potential of new SHGs formation around 162643. Present time 333981

    SHGs is functioning in this region. The number of functioning SHGs in eastern region of the

    country is 1524614. Here it is notable that it covering only half of total need of SHGs in the

    region. The region has great potential to new SHGs formation around 1450466 that is second

    biggest potential to open new SHGs. This region has major market for SHGs across all regions in

    the country. The central region of the country has 817251 SHGs. That cap only small portion of

    the potential of the region. The region has biggest potential of new SHGs formation across the

    entire region of the country, which is number of 1793117. The western region of the country has

    second greater number of SHGs. Now 941144 SHGs is working in this region. The potential of

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    formation of new SHGs in the region is 246033. The region has second lowest potential for new

    SHGs formation across entire the region of the country. The southern region of the country is

    rich and enough by number SHGs. The region has 3719621 SHGs as on 31 March 2015. Number

    of SHGs in the region is more greator than scenario of SHGs among all the region of the country.

    It is only one region of the country which has enough number of SHGs by number of population.

    The region has zero potential for new SHGs formation.

    Table-1: Region wise context o f SHGs in India:

    Sl. No. Region No. of SHGs Potential for SHGs formation

    1 Northern region 360858 680628

    2 North eastern region 333981 162643

    3 Eastern region 1524614 1450466

    4 Central region 817251 1793117

    5 Western region 941144 246033

    6 Southern region 3719621 0

    7 Total 7697469 4332887

    Source NABARD (2014-15) status of microfinance in India

    Progress of Micro Finance Program

    5%4%

    20%

    11%

    12%

    48%

    No. of SHGs Northern region

    North eastern

    region

    Eastern

    region

    Central

    region

    Western

    region

    Southern

    region

    16%4%

    33%

    41%

    6%

    0%

    Potential of SHG Northern region

    North

    eastern

    regionEastern

    region

    Central

    region

    Western

    region

    Southern

    region

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    The National Bank of agricultural and Rural Development (NABARD) still continues to

    extend credit to NGOs, RRBs, district central Cooperative Bank and Individual Rural Volunteers

    (IRV) for accelerating and fostering the SHGs. The NABARD sanctioned 88.36 crore to these

    institutions during 2014-25 in the form of financial assistance. A 339.83 crore cumulative grant

    sanctioned to various agencies to promote the 7.19 Lakh SHG until the end of March 2015. As

    on 31 March At the end of March 2015 93.77 crore grant sanctioned to 4.85 newly formed

    SHGs. The Non-Government Organization (NGO) worked as most dominant player to promote

    SHGs. NABARD is helping them to train and enhance the capacity of the stakeholders by

    various microfinance programs. It has conduct 4402 training programs to train around 1.61 Lakh

    individuals, stakeholders during 2014-15. As on 31 March 2015 around 33.28 individuals was

    trained that playing as a strong back up group for execution of the program. It is impressive that

    around 1087 training program with 31073 participants were conducted by the assistance of

    Women Selp-Help Group (WSHG) fund. Although, government and Reserve Bank of India is

    continue to emphasizing to to promote SHGs-BLP for financial inclusion like Prime Ministers

    Jan Dhan Yojana. Despite of that all, the government of India continue all poverty eradication

    programs by means.

    Table 2: Growth of Bank Linkage SHGs:

    S

    .No.

    Year No. of Selp- Help Group Linked to

    bank

    Growth rate

    1 1998-99 18678 -----------

    2 1999-00 81780 337.84

    3 2000-01 149050 82.5

    4 2001-02 197653 32.60

    5 2002-03 255882 29.46

    6 2003-04 361731 41.36

    7 2004-05 539365 49.10

    8 2005-06 620109 14.97

    9 2006-07 1105749 78.31

    10 2007-08 1227770 11.03

    11 2008-09 1609586 31.09

    12 2009-10 1586822 -1.41

    13 2010-11 1196134 -24.62

    14 2011-12 1147878 -4.03

    15 2012-13 1219821 6.26

    16 2013-14 1366421 12.01

    17 2014-15 1141208 16.48

    Average 1107443.35 44.55

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    The table-2 reveals that the growth rate of Bank linkage SHGs is 337.84 in 1990 and 16.48 in

    2015 with the average of 44.55. The progress of microfinance in the context of selp-help group

    with Bank Linkage Program is the good indicator of progress of microfinance. Under the selp

    help group bank linkage program 13839954 SHGs had linked at the end of 31 March 2015 and

    they had loaned by Rs. 11575.98 billion during the year even they refinanced by Rs. 312.66

    billion as on 31 March 2015. The huge amount of lending by microfinance institution to SHG

    and again refinance them if they had need show that there is immense opportunity to expand the

    field of microfinance market in the country. The Selp- Help Group Bank Linkage Program

    (SHG-BLP) was first initiated on pilot scale in 1992 has expanded significantly. At the end of

    March 2014 it reached to 74.30 Lakh saving linked SHG that cover over 9.7 crore poor

    households with the saving of 9897.42 crore. 41.97 Lakh credit linked with SHG under the

    program. Table 3: Growth of Bank Loan to SHGS

    (Amount in Billion)

    S . No. Year Bank Loan to SHGs

    (in billions)

    Growth rate

    1 1998-99 .33 ------------- 2 1999-00 1.36 312.12 3 2000-01 2.88 111.76 4 2001-02 5.45 89.23 5 2002-03 10.22 87.52 6 2003-04 18.56 81.60 7 2004-05 29.94 61.31 8 2005-06 44.99 50.26 9 2006-07 65.70 46.03 10 2007-08 88.49 34.68 11 2008-09 122.54 38.47 12 2009-10 144.53 17.94 13 2010-11 145.48 00.65

    -100

    0

    100

    200

    300

    400 Growth rate of Bank Linkage SHGs

    growth rate

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    14 2011-12 165.35 13.65 15 2012-13 205.85 24.49 16 2013-14 240.17 16.67 17 2014-15 203.84 -15.12

    Average 87.98 60.70

    Source www.rbi.com( NABARD)

    The table-3 reveals that average growth of bank loan to SHGs is 60.70 during 1990 to 2015.

    The trend of growth rate is follow decreasing order. Table depict that 32.12 percent growth rate

    in 1990 and it is continuously going downward direction, reach at -15.12 in 2015. The average

    amount of bank loan is 87.98 billion during 1999 to 2015. The amount of bank loan is follow

    increasing trend but growth rate is follow decreasing trend because the number of SHGs is

    increase and amount of loan is not increasing according to that.

    Table -4: Growth of Refinance Assistance to SHGs

    S .

    No.

    Year Refinance Assistance

    (in billions)

    Growth rate

    1 1998-99 .31

    2 1999-00 .98 216.12

    3 2000-01 2.51 156.12

    4 2001-02 3.96 57.76

    5 2002-03 6.22 57.70

    6 2003-04 7.05 13.34

    7 2004-05 9.68 37.30

    -50

    0

    50

    100

    150

    200

    250

    300

    350

    Growth Rate of Bank Loan to SHGS

    Bank Loan

    http://www.rbi.com/

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    8 2005-06 10.68 10.33

    9 2006-07 12.93 21.06

    10 2007-08 16.16 24.98

    11 2008-09 26.20 62.12

    12 2009-10 31.74 21.14

    13 2010-11 31.74 0

    14 2011-12 30.73 -3.18

    15 2012-13 39.17 27.46

    16 2013-14 37.46 -4.36

    17 2014-15 44.93 19.94

    Average 18.37 44.86

    Table-4 reveals that 216.12 percent growth rate in 1990 and 19.94 percent in 2015 with the

    average of 44.86. From 1998 to 2015 around 312.45 billion had refinanced to various SHGs

    across the country. The amount of refinance assistance during 1998 to 2011 was in increasing

    order. The amount of refinance in the 2012 was decreased as compared to previous year, in this

    year Rs. 30.73 billion was refinanced. The amount of refinance was same during the 2009 to

    2011. Further it is continue to increase in all succeeding year up to March 2015. The growth rate

    of refinance assistance to SHGs in 2010-11 is zero and it is respectively -3.18 and -4.36 during

    2011-12 and 2013-14.

    Table-5 Progress of micro finance program as on 31 March 2015 (In crore)

    Sl.No. Particulars SHGs covered under SJGSY Assistance of SIDBI to MFI

    2013 2014 2013 2014

    Number Amount Number Amount Number Amount Number Amount

    1 Loan

    disbursed

    during the

    year

    1219821

    20585.36

    1366421

    24017.36

    426

    7839.51

    545

    10282.49

    -50

    0

    50

    100

    150

    200

    250

    Growth Rate of Refinanace Assistance to SHGS

    Growth Rate of Refinanace Assistance to SHGS

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

    Copyright Universal Multidisciplinary Research Institute Pvt Ltd

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    2 Loans

    outstanding

    4451434

    39375.3

    4197338

    42927.52

    2042

    14425.84

    2422

    16517.43

    3 Savings

    accounts

    with banks

    7317551

    8217.25

    7429500

    9897.42

    SGSY- Swarnajayanti Gram Swarozgar Yojana, SHG- Selp- Help Group.

    SIDBI - Small Industries Development Bank of India.

    Sources NABARD Annual Report 2014-15

    The progress of micro finance in the context of loan disbursed, loan outstanding and number of

    saving accounts with bank during the year is express the progress of micro finance in the

    country. The number of Selp-Help group and loan disbursed by them is in increasing trend over

    the year. The number of micro finance institution and loan disbursed by them is also follow the

    same trend in the respective year. It indicates the scope for extension of micro credit market and

    also for expansion of micro finance institution in the country. The growth of loan outstanding

    over the year by financial institution in the country is also indicating increasing trend. The same

    trend is followed by the Selp-Help Group over the respective periods. That show how much

    potential of micro credit exist in the rural poor people in the country. In this case one thing is

    considerable that number of Selp Help group is decreasing during the year but amount of loan

    outstanding is increasing in a good amount. It indicates the bright future of loan outstanding. The

    saving account of Selp Help Group with bank is also in increasing trend. The rate of growth of

    saving account with bank is more than rate of growth of increasing number of Selp Help Group.

    The Swarnajayanti Gram Swarozgar Yojana (SGSY) is covered the number of SHGs and

    provide financial help to them year by year. The small industries development bank (SIDBI) is

    also provide financial assistance to microfinance institution for helping various selp-help group

    across the country. The amount provided by Small industries Development Bank to micro

    finance institution is follow increasing trend that depicts that financial assistance by

    microfinance institution to SHGs is growing. The growing order of financial assistance to SHGs

    by MFI and other means is strengthening the financial situation of member of SHGs and also

    helpful in creation of new SHGs across the country. The number of SHGs covered by SGSY is

    also follow increasing trend and the financial assistance under SGSY is also in growing trend.

    This all contribute to SHGs development by its own way and provide financial assistance to

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    SHGs by own planed limit. Now their contribution to upliftment of poor is better and surely it is

    providing the means of life living to the poor across the country.

    Figure-6

    Grant assistance extended to Selp-Help Group promoting institutions, as on 3 March 2015.

    ( Rs. In Lakh)

    Agency Cumulative sanction up to 31 March

    2015

    Disbursements up to 31 March 2015

    Amount No. of SHGs Amount No. of SHGs

    NGOs 31276.72 565757 8601.44 374252

    RRBs 772.46 44038 223.17 40590

    Co-operatives

    Banks

    1394.91

    74865

    446.20

    50870

    IRVs 497.86 28910 84.86 12581

    Formers clubs 41.18 5118 21.02 7322

    Total 33983.13 718688 9376.69 485615

    NGO- Non-Government Organization, RRB- Rural Bank, IRV- Individual Rural Volunteer.

    Sources- NABARD annual report 2014-15

    The grant assistance by the government to various Selp-Help Group promoting institutions is

    also revealing the progress of micro finance in the country. The extension of grant to Non-

    Government Organization (NGO), Regional Rural Bank (RRB), Cooperative Bank, Individual

    Rural Volunteer (IRV) and former club is also witnessing the progress of micro finance in the

    country. The amount of 33983.13 Lakh has sanctioned to this 718688 SHGs promoting

    institution. And the disbursement figure is amount of 9376.69 Lakh to 485615 SHGs across the

    country. The NGO is playing a vital role in the development of SHGs, granted to amount of

    31276.72 Lakh and to promote 565757 SHGs in the country up to March 2015. They distributed

    8601.44 Lakh to 374252 Lakh to various SHGs across the region of the country. Now NGOs has

    became smart player to run for poverty alleviation across the world. The RRBs of the country is

    also playing significant role in development of micro finance in the country. It is associated with

    44038 SHGs across the country and granted by amount of 772.46 Lakh up to March 2015. It

    distributed amount of 223.17 Lakh to 40590 SHGs in the country up to March 2015. It provides

    various loan products to rural poor to fulfill their micro credit needs. The cooperative banks are

    also contributing to SHGs development and assist rural poor people. Up to March 2015 74865

    SHGs had associated with cooperative banks and it sanctioned to amount of 1394.91 Lakh across

    the country. it disbursed an amount of 446.20 Lakh to 50870 SHGs up to March 2015.

    Cooperative bank is now more helpful for rural poor, co-operative societies and former that

    needs timely financial assistance. Currently Individual Rural Volunteer (IRV) is playing bridge

    role between supporting institution and rural poor. Yet 28910 SHGs had associated to IRV and

    sanctioned by amount of 497.86 Lakh up to March 2015 among them amount of 84.86 Lakh

    disbursed to 12581 SHGs up to March 2015. The former clubs is also playing pivotal role for

    rural poverty eradication. Although former clubs less contributing as compared to other

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

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    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    promoting institution. Now 5118 SHGs associated with former clubs and amount of 41.18 is

    sanctioned for that. The former clubs had disbursed amount of 21.02 Lakh to 7322 SHGs across

    the country up to March 2015.

    Relationship between micro finance and entrepreneurship

    Promotion of entrepreneurship and business innovation by microfinance institutions credit to

    firms is an essential driver of economic growth. The microfinance revolution in India reveals

    that it is playing a vital role in the vision of poverty eradication with various effort of

    government of India. The reserve bank of India also provide license of bank to two MFI that will

    be a big step for development of MFI. It will highly spread the credit disbursement and increase

    the productivity by credit supply. The role of microfinance now has been more tactical than in

    the past. It promotes financial inclusion by adoption of individual lending to the poor and

    targeting micro enterprises. It is not limited to only productive poor but also extend the

    innovation oriented entrepreneur. It is also now remove the traditional hindrance to

    entrepreneurship and micro business by being with various NGOs. The microfinance is a bigger

    contributor of one factor of production namely capital to entrepreneur. The rural entrepreneur has

    good amount of labor and land but they always facing the problem of capital during the

    exploitation of production factors for economic activity to earn profit. Now days rural

    entrepreneurship is totally dependent on microfinance because of it is very feasible for infant

    entrepreneur across the world. Now in India micro finance enable poor to start new business and

    expand existing business activities. It boosts up the entrepreneurship in India and creates a lot of

    employment. It is the magic of micro finance that small businesses contribute around 40 percent

    in Gross Domestic Product in India. During the absence of micro finance in the world poor

    people was unable to seek entrepreneurial opportunity.

    Conclusion

    The micro finance playing a vital role in entrepreneurial development in rural area by

    providing micro loan to several SHGs across the region. The number of SHG is increasing and

    amount of disbursement of loan is also increasing year by year but the growth rate of SHGs bank

    linkage, loan and refinance assistance to SHGs is decreasing. The amount of loan and refinance

    assistance is not growing in respect of increasing number of SHGs across the region. The number

    of SHGs is not sufficient in any region except southern region. The country has good potential

    for formation of new SHGs across the region except southern region.

    Reference

    1- International journal of college science, 3: 2 July 2009, Tiyas Biswas and P. P. Sengupta.

  • *Assistant professor, Department of Business management IGNTU Amerkantak MP.

    **Research Scholar, Department of Business management IGNTU Amerkantak MP.

    Copyright Universal Multidisciplinary Research Institute Pvt Ltd

    141

    South -Asian Journal of Multidisciplinary Studies (SAJMS) ISSN:2349-7858:SJIF:2.246:Volume 3 Issue 5

    2- www.rbi.com 3- www.nabard.com 4- Innovation /Vinter, 2006, Zoltan Acs 5- Microfinance in India and millennium development goals: maximizing impact on poverty,

    Alok Mishra

    6- Sustainable micro entrepreneurship, Guy Vincent 7- Indian economic survey.

    http://www.rbi.com/http://www.nabard.com/

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