What are the benefits and challenges of microfinance initiatives in addressing poverty?
Fundamental Causes of Poverty and Hunger Economic Inequality: Income disparity and lack of access to resources lead to widespread poverty. For example, economic inequalities in rural areas often result in insufficient food and poor living conditions. Lack of Education: Educational deprivation limitsRead more
Fundamental Causes of Poverty and Hunger
- Economic Inequality: Income disparity and lack of access to resources lead to widespread poverty. For example, economic inequalities in rural areas often result in insufficient food and poor living conditions.
- Lack of Education: Educational deprivation limits job opportunities and perpetuates poverty. Low literacy rates affect earning potential and access to resources.
- Unemployment: High levels of unemployment and underemployment contribute to inadequate income and food security, especially in economically backward regions.
- Health Issues: Poor health due to lack of access to quality healthcare exacerbates poverty by limiting the ability to work and earn.
Government Schemes to Address Poverty and Hunger
- Pradhan Mantri Awas Yojana (PMAY): Aims to provide affordable housing to economically weaker sections, addressing housing-related poverty.
- National Food Security Act (NFSA): Ensures subsidized food grains to over 80 crore people, enhancing food security and reducing hunger.
- Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): Provides 100 days of guaranteed wage employment per year to rural households, improving income security.
- Pradhan Mantri Ujjwala Yojana (PMUY): Provides LPG connections to low-income households, reducing reliance on unhealthy and unsafe cooking fuels.
These schemes are integral to reducing poverty and hunger by addressing both immediate needs and long-term economic stability.
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Microfinance initiatives have been widely recognized as a powerful tool in addressing poverty worldwide. Here are some of the key benefits and challenges of microfinance in this context: Benefits: Access to Financial Services: Microfinance provides access to financial services, such as small loans,Read more
Microfinance initiatives have been widely recognized as a powerful tool in addressing poverty worldwide. Here are some of the key benefits and challenges of microfinance in this context:
Benefits: