Impact of Microfinancing on Socio Economic Status and Employment Condition among the Rural Farmers in Murshidabad District of West Bengal, India

Abstract

Micro-financial institutions are embodiment of hope in the poverty-driven sector of our country. More importantly, the role that this play can be validated by a thorough study undertaken within the rural community who are the beneficiaries of micro-financial institutions. The present research entitled “The Impact of Microfinancing on Agriculture in District Murshidabad of West Bengal” was carried out during the year 2022-23. The object of this research enterprise is to make a specialised study on the workability of the microfinance and SHG in the present socio-economic scenario in the economies of the purposively selected district of West Bengal. 80 farmers were selected randomly from the study area. The paper examines two basic research questions. First, the paper tries to conducts an in-depth profile evaluation based on the demographic parameters of the respondents of the selected study area. Secondly in addition to that the paper tries to attempt a study on how Microfinancing and the credits obtained from them have shaped the life of the respondents in terms of income generation and employment condition and ground reality of the situation. The empirical findings are also followed by a statistical analysis. The study reveals that that microfinance is playing an important role in improving living standard, minimising financial crisis, increasing income and increasing savings and employment opportunities. The economic development of India and the socio-economic upliftment of the rural poor will largely depend on the entrepreneurship, employment and mobilization, utilization and generation of capital by this section of the society.