Topic: Social empowerment – women empowerment.
1) Women’s financial literacy can bring in turnaround in the fortunes of the country. Comment.(250 words)
Why this question:
The article discusses the Vice president’s speech addressing the National Conclave on Women’s Empowerment Through Financial Literacy, wherein he emphasized on need for women’s financial literacy.
Demand of the question:
The answer must evaluate role of financial inclusion as one of the most effective accelerators of economic participation by women.
Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Structure of the answer:
Start by explaining the financial inclusion , what does it imply.
- What is role of financial inclusion in women empowerment?
- Financial literacy can empower women to develop a financial identity even with their household savings, and help them get access to formal credit for gainful occupation, giving them economic freedom and power.
- Discuss the reasons for low financial inclusion and literacy among women. A majority of the women in India, especially in rural areas, are homemakers, which is a full-time job with no payment.
- A recent report by the United Nations titled, ‘Turning Promises into Action: Gender Equality in the 2030 Agenda for Sustainable Development’, said that achievement of Sustainable Development Goals (SDGs) could be difficult without gender equality and women’s empowerment. In fact, development in any sphere would be incomplete without equitable participation and contribution of women.
- Discuss how India needs to sustain this momentum to transform into a completely financially inclusive economy. – embedding financial literacy in programmes where women have significant representation could be a good starting point. For instance, the Self Help Group-Bank Linkage Programme (SHG-BLP) programme, which is the largest microfinance programme in the world in terms of client base and outreach, provides SHGs access to institutional lending. More than 86 percent of the groups under this programme comprise exclusively of women.
Conclude with way forward.