Microfinance offers poor people access to basic financial services such as loans, savings,money transfer services and micro insurance. People living in poverty, like everyone else,need a diverse range of financial services to run their businesses, build assets, smoothconsumption, and manage risks.Poor people usually address their need for financial services through a variety of financialrelationships, mostly informal. Credit is available from informal moneylenders, but usually ata very high cost to borrowers. Savings services are available through a variety of informalrelationships like savings clubs, rotating savings and credit associations, and other mutualsavings societies. But these tend to be erratic and somewhat insecure. Traditionally, bankshave not considered poor people to be a viable market.Different types of financial services providers for poor people have emerged - non-government organizations (NGOs); cooperatives; community-based development institutionslike self-help groups and credit unions; commercial and state banks; insurance and credit cardcompanies; telecommunications and wire services; post offices; and other points of sale -offering new possibilities.These providers have increased their product offerings and improved their methodologies andservices over time, as poor people proved their ability to repay loans, and their desire to save.In many institutions, there are multiple loan products providing working capital for small businesses, larger loans for durable goods, loans for children¶s education and to cover emergencies. Safe, secure deposit services have been particularly well received by poor clients, but in some countries NGO microfinance institutions are not permitted to collectdeposits.Remittances and money transfers are used by many poor people as a safe way to send moneyhome. Banking through mobile phones (mobile banking) makes financial services even moreconvenient, and safer, and enables greater outreach to more people living in isolated areas.Financial services for poor people have proven to be a powerful instrument for reducing poverty, enabling them to build assets, increase incomes, and reduce their vulnerability toeconomic stress.
Agro industry in
ndiaOverview of the industry
The Indian Agriculture Industry is on the brink of a revolution that will modernize the entirefood chain, as the total food production in India is likely to double in the next ten years.As per recent studies the turnover of the total food market is approximately Rs.250000 crores(US $ 69.4 billion) out of which value-added food products comprise Rs.80000 crores (US $22.2 billion). The Government of India has also approved proposals for joint ventures,foreign collaborations, industrial licenses and 100% export oriented units envisaging aninvestment of Rs.19100 crores (US $ 4.80 billion) out of which foreign investment is over Rs.