Abstract

Globally,microfinanceindustryissaidtobeatthetippingpointthankstocrisisoriginatingfromIndia,particularlythestateofAndhraPradesh.Thecrisismanifestedthroughthesuicidesoftheborrowerswhoallegedlywereluredintoexcessiveborrowingandsubsequently,pushedintousuriousdebt-servicingbythemicrofinanceinstitutions.Thehardsellingofthedebtandquestionabledebtrecoverypracticesareattributedtothedrifttowardsprofit-seekingmicro-lendingasagainsttheavowedmissionofservingthepoor.WiththehelpofcasestudyofSKS,thearticleattemptstoexaminetheincidenceandimpactofmissiondriftinmicrofinance.It,then,putsitinthebroadercontextoftheneoliberalparadigmthatparanoicallyupholdsthatthemarketsbythemselvesarecapableofattainingthedevelopmentalgoals,includingalleviationofpoverty.ThearticlehighlightsthetyrannyofmarketswiththehelpoftwomoreinstancessinceSKS,viz.,SaharaandSardha.Onthebasisoftheanalysisofthesefailures,theauthorspositthatratherthanbeingparanoidabouttheneoliberalparadigmthatpresumesthatmarketisself-creating,self-regulating,self-stabilising,self-legitimisingandhence,self-sufficientinstitution,itwouldbemoreadvisabletotakenoteoftheirlimitationsmore soasthosepertainingtothepermissibilityofpursuitofone’sgreedasgenuineself-interest.

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