Abstract
The main focus of development strategy all over the world is concerned with people’s well-being by reducing hunger and poverty, through achievement of Millennium Development Goals (MDGs), democratic governance, crisis mitigation and environment and energy preservation for sustainable development. The United Nations Millennium Assembly (UNMA) has also taken up the challenge of reducing by half the number of persons living in extreme poverty by 2015 from its 1990 level (Anker et al. 2003). The main concern in the development agenda has always been reduction of vulnerability of people and their empowerment. According to Amartya Sen, development means increasing people’s capability of choosing between alternatives (Sen 1999). Development must encompass all. Even if one segment is left out, it is not true development. Including people in development process and making them a part of the process must not be charity based; it is their right to participate in the process. As Sen points out, people must have the capability to enjoy fruits of development, and empowerment is the only way to reach this. Financial inclusion has been considered as one of ways by which people’s capability can be enhanced. Access to finance is an important macroeconomic requirement for economic growth as it leads to higher investment and income, empower households and free them from poverty circles (Solo 2008). Therefore, the financial inclusion programme has been identified as an important strategy to reduce poverty and vulnerability by including persons from all strata into the mainstream banking system. Financial inclusion will raise capacity for investment and develop saving and entrepreneurial abilities which lead to higher incomes and consequently better lives (Chakrabarty 2009). The concept has also been referred to in the ILO’s objectives. ILO’s in-focus programme for small enterprise development has focused on the role played by credit for small business development. Credit availability shall ultimately facilitate the fulfilment of ‘rights at work’ by finding institutions and partners who can provide capital for business expansion and explore tripartite involvement in microcredit systems (ILO 1999: 16).
In this study, the terms ‘hawker’ and ‘street vendor’ mean the same thing, and they are often interchanged.
In this study, the terms ‘hawker’ and ‘street vendor’ mean the same thing, and they are often interchanged.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Anker, R., Chernyshev, I., Egger, P., Mehran, F., & Ritter, J. (2003). Measuring decent work with statistical indicators. International Labour Review, 142(2), 147–177.
Bhowmik, S. K. (2001). Hawkers and the urban informal sector: A study of street vending in seven cities. Available at http://wiego.org/sites/wiego.org/files/publications/files/Bhowmik-Hawkers-URBAN-INFORMAL-SECTOR.pdf. Accessed in March 2010.
Bhowmik, S. (2007). Street vendors in urban India: The struggle for recognition. In A. Morales & J. Cross (Eds.), Street entrepreneurs: People, place and politics (pp. 92–107). New York: Routledge.
Bhowmik, S., & Saha, D. (2012). Street vending in ten cities in India. Available at http://nasvinet.org/upload/NASVI_FINAL%20REPORT.pdf. Accessed in June 2012.
Chakrabarty, K. C. (2009, September). Banking: Key driver for inclusive growth. RBI Monthly Bulletin, 1479–1486.
Chakrabarty, K. C. (2012, September). The first mile walk into financial inclusion – Thinking differently. RBI Monthly Bulletin, 1585–1588.
Dev, S. M. (2006). Financial inclusion: Issues and challenges. Economic and Political Weekly, 41(41), 4310–4313.
Ferrari, A., Jeffrin, G., & Shrestha, S. R. (2007). Access to financial services in Nepal. Washington, DC: World Bank.
Gangopadhayay, S. (2008). How can technology facilitate financial inclusion in India? A discussion paper. Review of Market Integration, 1(2), 223–256.
ILO (International Labour Organization). (1999). Report of the Director-General: Decent Work. Available at www2.ilo.org/public/english/standards/relm/ilc/ilc87/rep-i.htm. Accessed in March 2010.
Jhabvala, R. (2000). The role of street vendors in the growing urban economies. Ahmedabad: Self-Employed Women’s Association.
Leeladhar, V. (2006, January). Taking banking services to the common man – Financial inclusion. Reserve Bank of India Bulletin, 73–77.
Mahadeva, M. (2008). Financial growth in India: Whither financial inclusion? Margin—The Journal of Applied Economic Research, 2(2), 177–197.
Mohan, R. (2006, November). Economic growth, financial deepening and financial inclusion. Reserve Bank of India Bulletin, 1305–1319.
NCEUS (National Commission for Enterprises in the Unorganised Sector). (2006). National policy on urban street vendors. New Delhi: National Commission for Enterprises in the Unorganised Sector. Available at: http://nceus.nic.in/Street%20Vendors%20policy.pdf. Accessed in March 2010.
Rangarajan, C. (2008). Report of the Committee on Financial inclusion. Available on http://www.nabard.org/pdf/report_financial/full%20Report.pdf. Accessed in September 2010.
RBI (Reserve Bank of Inida). (2009). Credit delivery [RBI Annual Report 2009], Chapter-IV, Available at http://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/8CD080809.pdf. Accessed Sept 2012.
Saha, D. (2011). Working life of street vendors in Mumbai. Indian Journal of Labour Economics, 54(2), 301–325.
Sen, A. (1999). Development as freedom. New York: Oxford University Press.
Solo, T. M. (2008). Financial exclusion in Latin America – Or the social costs of not banking the urban poor. Environment and Urbanization, 20(1), 47–66.
Thorat, U. (2006, February). Financial inclusion and ,millennium goals. Reserve Bank of India Bulletin, 239–243.
Thorat, U. (2007, July). Financial inclusion—The Indian experience. Reserve Bank of India Bulletin, 1165–1171.
Thorat, U. (2008, September). Financial inclusion and information technology. In A programme on Vision 2020 – Indian Financial Services Sector, Mumbai: Organised by NDTV. Available at http://www.bis.org/review/r080917d.pdf. Accessed June 2012.
Thorat, U. (2010, June 2–4). Financial regulation and financial inclusion—Working together or at cross-purposes at the tenth annual international seminar on policy challenges for the financial sector, International Monetary Fund (IMF) and the World Bank (WB), Washington. Available on http://www.bankofindia.com/FI-BOI/images/FI%20Definition.pdf. Accessed in April 2011.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2013 Springer India
About this chapter
Cite this chapter
Bhowmik, S.K., Saha, D. (2013). Introduction: Financial Inclusion and Street Vendors. In: Financial Inclusion of the Marginalised. India Studies in Business and Economics. Springer, India. https://doi.org/10.1007/978-81-322-1506-6_1
Download citation
DOI: https://doi.org/10.1007/978-81-322-1506-6_1
Published:
Publisher Name: Springer, India
Print ISBN: 978-81-322-1505-9
Online ISBN: 978-81-322-1506-6
eBook Packages: Business and EconomicsEconomics and Finance (R0)