8 MARCH2024IN FOCUSIN FOCUSIndia's 2022 progress in Human Development was praised by the UN, with an average life expectancy of 67.7 years, a 6.3 per cent increase in Gross National Income per person, and an expected year of schooling reaching 12.6 years per person.India's 2022 Human Development Index score was 0.644, ranking 134th out of 193 countries. Despite a 48.4 per cent increase since 1990, India has made strides in reducing gender inequality, with a 0.437 Gender Inequality Index. However, a 47.8 per cent gap in labor force participation remains.According to the HDI report, a long and healthy life, access to education, and a decent standard of living are the three significant and crucial aspects of any human being to advance. As the GII has reduced in India, it has paved its way to advancement in comparison to other global nations.Another study by the Representative of the United Nations Development Programme in India, Caitlin Wiesen stated that human development has seen a significant advancement in India since 1990. Life expectancy increased by 9.1 years, the education of a human being rose to 4.6 more than the usual recorded, and India's GNI per person also increased by 287 per cent.Along with these, reproductive healthcare in India has also shown a significant advancement. The GII list of India that includes reproductive health, labor force participation, and empowerment marks 108th out of 166 countries globally. The birth rate of any adolescent has been recorded at 16.3 births per 1,000 women who are aged between 15-19.Caitlin Wiesen mentions, "This highlights the country's commitment over time to improve the quality of life for its citizens. But there is room for improvement. With a renewed focus on women-led development, India can further unlock socio-economic progress, paving the way for a more equitable future for all." L&T Finance Holdings Ltd. has partnered with the Japan International Cooperation Agency (JICA) to secure $125 million to support rural and semi-urban India by providing formal credit access to various segments of the population, including marginal farmers, women entrepreneurs, women borrowers, MSMEs, and two-wheeler loans.This is the second phase of funding done by L&T Finance with an aim to address poverty in rural India, a country with 65 per cent of its population. The fund, sourced from the Asia Development Bank, aims to alleviate poverty, boost economic growth, and promote financial inclusion, despite the challenges faced by marginal farmers.The female borrowers will be provided 40 per cent of the funds and the rest will be allocated to the farmers, MSMEs, and two-wheeler loans. According to the Chief Sustainability Officer and Company Secretary, Ms. Apurva Rathod, despite economic growth, rural communities face challenges in accessing financial services, with many marginal farmers lacking formal loans, disproportionately affecting women.The partnership between the two respective firms will focus on women entrepreneurs' financial resources in order to expand their businesses, invest in new ventures, and enhance existing operations. The collaboration aims to empower women economically, promote business growth, offer skill enhancement through training programs, workshops, and mentorship along with ensuring gender equality in accessing financial services. UN PRAISES INDIA'S 2022 PROGRESS IN HUMAN DEVELOPMENTL&T FINANCE HOLDINGS LTD. & JICA PARTNER TO SUPPORT WOMEN ENTREPRENEURS
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