Microfinance for achieving Sustainable Development Goals: Pondering Over Indian Experiences for the Preservation of Magnificent African Natural Resources

Microfinance for achieving Sustainable Development Goals: Pondering Over Indian Experiences for the Preservation of Magnificent African Natural Resources

Manpreet Arora (School of Commerce and Management Studies, Central University of Himachal Pradesh, Dharamshala, India) and Swati Singh (Maharaja Agrasen University, India)
Copyright: © 2022 |Pages: 21
DOI: 10.4018/978-1-7998-7499-7.ch004
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Abstract

This chapter focuses on the possibilities of exploring the areas where credit intervention can be done by the government in the form of schemes which are dependent on sustainable business practices. Nature has provided us abundance of raw material which if used wisely can help to remove poverty across the globe; on the same hand we can preserve the natural resources also if we use sustainable practices. In the current scenario where the world is facing pandemic and natural calamities, the time has to come to focus on sustainable rural micro financing activities which can not only solve the problem of linking the deprived sections of society with the mainstream, but it can also help them to improve their standard of living, and simultaneously, it can take care of various environmental issues too.
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Background

Various studies and researches provide evidence that the formal financial institutions used to fail to reach to the poorer sections of the society (Ledgerwood, 1998; Ananth & Öncü, 2013) especially to the rural people because there is information asymmetry and there are certain issues relating to enforcement of various programmes initiated by the governments in order to reach to the poorest of the poor residing in the rural areas therefore there is a dire need of having certain alternatives for the rural credit systems which can help us to solve the various problems relating with the rural credits which can serve the marginalized and vulnerable sections of the society. Financial institutions are regarded as the saviors who can help to solve various problems relating to the issues which generally the formal financial institutions or banking structures face while reaching to the deprived sections of the society. The concept of group lending phenomenon, joint liability system and mentored credit help us to solve various problems relating with the issues which generally are pertaining to the formal banking structure (Bangoura, 2012).

Key Terms in this Chapter

Microfinance: Microfinance refers to the financial services provided to low-income individuals or groups who are typically excluded from traditional banking.

Sustainability: Sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs.

Sustainable Development Goals: The Sustainable Development Goals are the blueprint established by United Nations to achieve a better and more sustainable future for all.

Sustainable Practices: Sustainable practices are the processes services employ to maintain the qualities that are valued in the physical environment. Living sustainably is about living within the means of natural systems (environment) and ensuring that our lifestyle doesn't harm other people.

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