Microfinance Miracle: India's Sector Surges 2,100% in 12 Years

  • Exponential Growth: The Indian microfinance industry expanded from ₹17,264 crore in March 2012 to ₹3.93 lakh crore by November 2024, marking a staggering 2,176% increase.

  • Widespread Reach: Operating across 723 districts, including 111 aspirational districts, the sector spans 28 states and 8 Union Territories, serving nearly 8 crore borrowers.

  • Economic Contribution: Microfinance institutions (MFIs) contribute 2.03% to India's gross value added (GVA) and support approximately 1.3 crore jobs, underscoring their role in economic development.

  • Challenges Ahead: Despite impressive growth, MFIs face hurdles in securing low-cost, long-term funding and maintaining portfolio quality due to reduced sector lending.

  • Government Engagement: In a recent meeting, the Secretary of the Department of Financial Services emphasized the need for MFIs to become more robust and financially sound, highlighting the importance of digital repayment systems and strong cybersecurity measures.

  • Future Outlook: The Ministry of Finance remains committed to supporting the sector's growth, ensuring high governance standards, and enhancing financial inclusion across rural India.

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