Breaking Barriers: Financial Literacy as a Catalyst for Women's Economic Empowerment: A study on Mission Shakti

Abstract

The objective of this research is to evaluate the influence of improved financial literacy, promoted by microfinance programs, on the economic empowerment of women in Self Help Groups (SHGs) in Odisha, particularly regarding the Mission Shakti project.  The study examines the transforming impact of financial literacy on women's empowerment inside Self-Help Groups under Odisha's Mission Shakti initiative. It employs an extensive literature study, using academic sources, governmental records, and pertinent case studies related to microfinance programs. ABCD analysis serves as a systematic framework to evaluate the efficacy of financial literacy initiatives under Mission Shakti, examining the elements that promote financial inclusion and empowerment. This methodology seeks to elucidate the impact of financial literacy on the economic autonomy of women in Odisha, providing essential information for policymakers and development practitioners to improve the efficacy of related initiatives. The results indicate substantial progress in financial literacy, enhanced access to financial services, and more responsible financial behaviours among women involved in Self-Help Groups under Mission Shakti. The research underscores the crucial impact of microfinance-supported financial literacy initiatives in empowering women, especially in rural Odisha, by enhancing financial decision-making and broadening economic prospects.  This research contributes to the existing literature by examining the unique context of Mission Shakti, illustrating how customised financial literacy programs may economically and socially empower women. The research underscores the significance of integrating these interventions to overarching objectives of financial inclusion and gender equality, hence supporting sustainable development in rural Odisha. The findings obtained provide significant perspectives for expanding analogous initiatives and improving policy frameworks that facilitate women's economic empowerment via SHGs.