India has constantly remained in the cross-fires of cruel comparisons – the second fastest growing economy that yet hosts 22 per cent of the world’s poor, is also the second most populous nation in the world. In a country where 10 per cent of the people garner 80 per cent1 of the country’s wealth, 70 per cent of India’s population lives in the rural areas, which are marked by low literacy rates, lack of proper sanitation and medical facilities and inadequate growth opportunities.
In the absence of growth opportunities, which has led to more than one-fourth of India’s rural population being poverty struck, the situation is further worsened by localised wealth accumulation by middlemen and by political clout. As per a report by a financial daily, about 44 per cent of rural households and 33 per cent of urban households still do not have a bank account.
For more on this story visit the following link: Micro Finance: Money with Meaning
Source: Business Today