外文翻译 小额信贷与经济增长，对印度经验的思考 其他专业.doc

原文 Microfinance and Economic Growth – Reflections on Indian Experience 1.Introduction Achieving balanced and inclusive economic growth is a key challenge faced by policymakers in countries around the world. The gains of economic growth are accessible to a greater extent by the relatively advantaged, who find it easier to participate in the growth process. Poorer people, who are separated by distance from the urban areas where economic activity is concentrated, have to wait much longer to reap the benefits of economic growth. Engaging these sections of society in the economic mainstream is essential to achieve balanced growth, which is critical for the long-term sustainability of social development and economic prosperity. Access to financial services is a key element of the process of socio-economic empowerment. Only by delivering financial services to people in rural areas and lower income strata can they be brought within the ambit of economic activity. Only then can the full potential of the country’s physical and human resources be realised. The rural economy represents a large latent demand for credit, savings and risk mitigation products like insurance. Governments and regulators the world over have articulated the expansion of financial service delivery to this segment of the population as a priority objective. 2.The Importance of Financial Services The delivery of financial services to lower income households in rural areas, however,presents a unique set of challenges. This customer segment has a high volume of low value transactions and requires doorstep services, flexibility in timing as well as simple procedures and documentation . These require a set of skills completely different from those deployed by mainstream financial intermediaries. At the same time, traditional modes of outreach, like physical branch networks, prove to be inappropriate because of their high costs. Microfinance is a model which seeks to provide financial services to the rural pop