A critically endangered concept, financial literacy has remained an alien notion to a little more than 5 billion adults globally (67% of the world population), most of them in developing countries, according to S&P’s global financial survey. In India, the number of financially savvy adults remains as low as 24%. With such gobsmacking figures of financial illiterates in the country, Vittshala-The Financial Literacy Cell of Shri Ram College of Commerce has taken the initiative to reach out to the remotest nooks and impart financial education to the people.
With steadfast perseverance, a team of 25 students and 2 faculty advisors from SRCC decided upon a journey of spreading financial awareness in the 21st district of Haryana, Palwal. According to 2011 census, the district encompasses a geographical area of 1359 sq. kms and has a sex ratio of 880 females for every 1000 males. The literacy rate in the district is 69.32%, out of which 82.66% are males and 54.23% are females. Smashed in patriarchy, the major financial decisions in most of the households in Palwal are taken by male chauvinists. In an effort to put an end to this patriarchal system by financially empowering women, Project Khushhali — an outstation flagship project undertaken by Vittshala — will be reaching out to the people of 9 villages scattered in the Palwal region in a span of two days i.e. from 2nd October 2019 to 3rd October 2019.
Motivating a base of 2100 people in Sonepat (Haryana) and a populace of 1200 in Meerut (UP) across 12 villages aggregately in the past, Project Khushhali has inspired the masses to transcend their financial bounds. “Apprising the villagers with various financial schemes launched by the GoI while seeking their problems has been profoundly helpful for the team in tackling their predicaments and in effective fiscal management. To spread awareness in a more enthralling way, we have also staged several Nukkad Nataks during these project visits. It’s quite an enriching experience for both the villagers and the team,” said Dr. Anil Kumar, professor at SRCC and, Convenor of Vittshala. Engulfed in the debt traps of the informal sector, these people have been abstracted from the mainstream banking system for long. From a macro perspective, it is a major backlash against economic advancement. Hampered growth in the long-term not only affects the small and micro businesses but also has severe repercussions on the country’s GDP and per capita income. Financial penetration at the root level is indispensable in filling the leakages and helps promote sustained, equitable and inclusive socio-economic development. Thus, acting as a catalyst for economic growth. Under Project Khushhali, we aim to create a palpable change through the tools of financial literacy.
