Financial Inclusion in India Through Micro Units Schemes-Sustainable Development for the Five Year (2015-20) Study

Abstract

Micro units are a significant economic segment of our society and are a major source of employment after the agriculture sector. The purpose of this paper is to assess the performance of the government's scheme after five years (2015-20) in order to determine whether the MSME sector has grown and developed over that period. Micro units engaged in manufacturing, processing, trading, and service activities are included in this category. It is responsible for providing employment to approximately 10 million individuals. There are a lot of proprietary/single-ownership/own-account businesses in the non-corporate small business sector. In view of India's large population, it is difficult for them to access mainstream commercial banks. India sometimes introduces objective-oriented schemes to help the underprivileged start up, expand, and change their small businesses. Through an empirical investigation, this paper will evaluate the needs and performance of this program after five years (2015-20). The Mudra Banking Scheme is also an objective-oriented model for the financial inclusion of the poor who do not have mortgages to cover their financial needs. Honorable Prime Minister of India Shri Narendra Modi commenced this banking scheme in August 2015.