FINANCIAL INCLUSION THROUGH MICROFINANCE: A STUDY OF SELF-HELP GROUPS IN HIMACHAL PRADESH

A multifaceted term, inclusiveness indicates, among other things, a decrease in the prevalence of poverty, a broad and notable improvement in health outcomes, universal access to education for children, greater access to postsecondary education, and higher standards of education, including skill development. Financial inclusion is also necessary to rescue the unfortunate millions from the grip of extreme poverty and financial marginalization, and it continues to be a crucial element of policy intervention. Microfinance emerged as a result of the conventional financial institution's incapacity to meet the demands of the underprivileged and the vulnerable overwhelmingly constituted by women. Access to credit can assist individuals in escaping poverty once they have reached this level of financial stability by increasing the productivity of their businesses or generating new revenue streams. In the present study, an attempt has been made to examine the present scenario of financial inclusion and the performance of self-help groups based microfinance in Himachal Pradesh w.e.f 2012 to 2023 i.e., for 12 years. For statistical analysis, the CD ratio have found out. Two-sample t-test assuming unequal variances have been applied. The study rejected the null hypotheses and concluded that the objective of financial inclusion through microfinance based SHGs has not been achieved in Himachal Pradesh during the study period.