Role of Self-help groups in the socio-economic development of women in India

Introduction 

Don’t you think that the status of women is paradoxical from the beginning? On one hand, a woman is ascending the ladders of achievement, but on the other hand, she is also facing trouble from not only society but also her family. Without any doubt, women have achieved a lot in these modern times, but we are also conscious of the fact that they still have an extended way to go in this ladder of success. In this battlefield of life, women are crossing all the obstacles with their talents and capabilities. The idea of a decent and promising status of women in India is slowly evolving. But still, there are many other lefts too, that haven’t even crossed these barriers. This is where the role of self-help groups in the socio-economic development of women comes into being. 

Self-Help Groups in India

Self-help groups are the carriages of change for the needy and marginalised categories of the society, formed by individuals with a mutual interest in enhancing the living conditions of the people in India. With an analogous socio-economic background, these organizations work on boosting the serviceable capacity of the vulnerable sections of society, thus giving rise to socio-economic development in the country. Furthermore, the vulnerable sections can even take up collateral-free loans from these groups at market-driven rates. Thus, providing microfinance services to the needy ones. 

Impact and role of self-help groups in the socio-economic development of women 

In today’s time, empowerment is the mantra with which a person can achieve anything in his/her life. One can change their position and living conditions, just by being empowered. So the equilibrium is thereby strengthened if people in the society are empowered. Self-help groups help the vulnerable sections to uplift their positions in society and become empowered citizens of the nation. So, here is the impact and role of self-help groups in the socio-economic development of women in India. 

Linkage of Banks and the Self-Help groups

Banks provide funds to the SHGs without any active interference of the Self-Help Group Promoting Institution (SHPI). SHGs take the assistance of banks and financial negotiators in enhancing the standard of living of women in society. Thus, a block closer to the socio-economic development of the country. 

Micro-Financing benefit to the women of poor household

The self-help groups intend for boosting the profitability of the rural households of the society. Backwardness in the socio-economic factors in the rural areas is one of the main reasons behind the backwardness of the nation with its weak capital base, low productivity, low income and savings and people stuck in the vicious circle of poverty. Cheap credit in the form of micro-finances is provided to the women in India so that they could involve themselves in some productive work. The role of self-help groups in uplifting the status of women economically and socially has provided recognition to these groups. 

Social empowerment of women

In India, women should receive their share of appreciation and status in both society and their families. This directs their freedom to have a balanced share in the resources that are accessible in society. Concentrating on the socio-economic indicators of growth boosts the self-esteem and self-respect of the women in the community. The involvement of self-help groups in society has improved the position of women in the decision-making process, awareness programs and demand of their rights available to them. 

Economic empowerment of women 

According to general data, the portion of work done by women is more than what is done by men in India. But, the recognition and salary given to women are less than that of men. In India, the percentage of unpaid work done by females accounts for about 41%, which is just 33% in the case of males. Saving regularly on the part of women also doesn’t fulfil their needs, so this is where SHGs motivate in improving the socio-economic indicators of growth and advancement in the society. 

Assistance in the Financial Decision-making process

SHGs have also contributed to assisting women in saving regularly and utilizing those savings for some productive work. In addition, SHGs also give access to formal financial institutions where women can manage their savings according to their needs and wishes. 

Access to credit for women

Participation in self-help groups enhances economic mobility for an individual, leading to an improvement in the standard of living. Notably, many families have experienced the fulfilment of their basic needs and enhancement in the socio-economic factors after joining or enrolling themselves with these self-help groups. 

Employment for women 

Self-help groups can create employment for women. This has helped them in getting indulged in business enterprises or starting up their own business. The government has taken over several standard features of SHGs in making up their strategies and policies for some sections of society. Well, this can be considered as a big achievement for the completion of the objectives of SHGs in improving the socio-economic indicators of development in India. 

Conclusion 

Indeed, Self-help groups have helped women in acquiring power and building up their self-supportive life without any kind of dependency. Microfinance has largely played a significant part in alleviating inequality faced by women and their problems of lack of credit. The impact made by these groups on women is not short-term, it is a prolonged impact that would help women out there in achieving their targets and utilizing their talents.Financial discipline and decision-making aspects of SHGs would be delivering widespread promising results to rural households. However, some people are also of the view that access to credits for women only creates workload and repayment pressures for them, and does a little in their upliftment. The reach of these groups also depends on socio-economic factors existing in the society. SHGs cannot uplift women completely, the other people in the society and their family members have to do individual parts as well.