Socio-economic development through self-help groups in rural India – a qualitative study

Abstract

Purpose

Through a thematic analysis, this research study aims to examine the role of microfinance institutions (MFIs) and self-help groups (SHGs) in empowering rural women and their contribution to financial inclusion in India. Sustainable development can be achieved when resources are equally available and accessible for all, irrespective of gender differences.

Design/methodology/approach

For qualitative research, the response was collected through focused group discussion and gathered responses from members working in SHGs in Uttarakhand in India. Thematic analysis was done to analyse the data till the saturation level was reached.

Findings

Despite several socio-economic developments worldwide, women still fall among some of the most vulnerable communities, unable to access resources at par with men. Thus, women’s empowerment emerges as a theme central to sustainable development. MFIs are looking to empower women by increasing their savings habits. There are consistent efforts on the part of the government to formalize the system of SHGs and give them additional financial support by creating a proper link between the banking system and SHGs. We also need technology and innovation for creating financial literacy among women. Women’s empowerment cannot be achieved unless they are involved in financial inclusion by creating awareness.

Originality/value

The research focuses on people’s socio-economic development, especially women living in hilly and rural areas within the specific context of Uttarakhand in India. This research will provide an opportunity for strategic approaches and reveal the areas where government needs to focus for sustainable development.

Citation

Kandpal, V. (2022), "Socio-economic development through self-help groups in rural India – a qualitative study", Qualitative Research in Financial Markets, Vol. 14 No. 5, pp. 621-636. https://doi.org/10.1108/QRFM-10-2021-0170