Financial Inclusion Through Self-Help Groups (SHGs): A Catalyst for Women-Led Development

Annoo  Vishwakarma; Prof. (Dr.) Soumitra Chandra

doi:10.59828/ijhce.v2i5.78

Authors

Annoo Vishwakarma Research Scholar, Department of Commerce, Deen Dayal Upadhyaya Gorakhpur University, Gorakhpur (U.P.), India Author
Prof. (Dr.) Soumitra Chandra Professor, Department of Commerce, Rajkeeya Mahavidyalaya Padiyapar Jaiswali, Deoria, (U.P) India Author

DOI:

https://doi.org/10.59828/ijhce.v2i5.78

Abstract

As per the vision of Viksit Bharat @ 2047, women-led development is a critical driver of inclusive and sustainable progress. Financial inclusion is a vital element for empowering women, particularly in rural and semi-urban areas where access to formal financial services is limited. Self-Help Groups (SHGs) have evolved as an effective means of bridging this gap, connecting underprivileged women to banking and financial systems. SHGs foster financial discipline and encourage women to participate in income-generating enterprises by offering collective savings, financing, and mutual assistance. This financial autonomy not only improves their economic condition but also enhances their confidence, decision-making power, and social status. The integration of SHGs with official banking institutions and government programs has increased their impact. This study is based on secondary data, and it finds that SHGs are playing a significant role in financial inclusion, grassroots entrepreneurship, and poverty reduction. Furthermore, the use of Digital Public Infrastructure (DPI), such as digital payments, is increasing financial access and inclusion. Overall, SHGs serve as a powerful catalyst for women-led development and are critical to achieving the Sustainable Development Goals and to creating a developed India by 2047.

Keywords: Financial Inclusion, Self-Help Groups (SHGs), Women-led Development, Viksit Bharat @2047, Digital Public Infrastructure (DPI).