SHG Play a Big Role in the Economic Empowerment of Women

Abstract

Women make up half of India's 1.39 billion populations; however they are still denied access to resources such as economic activity, self-determination, education, and improved health. In Young India 1930, Mahatma Gandhi stated that there is a need to equip village women with access to economic activities in order to unlock their hidden potential and power, which they are now unaware of. Women can contribute to home finances but are unable to participate in income-generating activities. Where India sits on the global arena, women's participation is just as crucial as men's in strengthening the Indian economy. Women face barriers to economic success due to patriarchal society, socio-cultural difficulties, home duties, and gender discrimination. SHGs assist rural women in obtaining low-interest loans from banks, allowing them to start their own businesses. There are 78, 32,327 SHGs in India, with 8, 50, 07,507 members. The state of Bihar in India has the most SHGs. Women in India lead more than 50% of the small-scale industry, with 527,000 SHG members, demonstrating that SHGs play an important role in the development of women's entrepreneurship. The major purpose of this study is to investigate the extent to which SHGs help women achieve economic empowerment. Women's empowerment entails not only empowering women, but also empowering their families, societies, states, and countries. The IFMR study found that women who received assistance from SHGs had above 10% savings ability, indicating their economic empowerment. SHGs serve as a tool for women to develop socioeconomic self-confidence. The findings revealed that SHGs support economic activity because when women earn income, they become economically empowered, and only when they are economically empowered do they become socially and politically empowered.