Every catastrophe serves as a learning opportunity for the people, business organizations and the government. The COVID-19 pandemic is proving to be quite challenging for Indian economy as it has negatively impacted every sector of the economy. The Prime Minister in his speech while addressing the nation emphasized on five pillars of Indian economy namely i.e., economy, demography, system, infrastructure, and demand which need to be reinforced to widen the essence of revitalization and to preserve the prosperity of Indian Economy. The need of the hour is to capitalize the opportunities available to India in COVID-19 phase and help the nation to become ‘Atmanirbhar’. The article accompanies the key contribution of the professionals in fabricating Self- Reliant India. It also contains the challenges faced by MSME sector and the policy reforms taken up by government of India to accelerate the pace of growth and investment in micro and small enterprises and some instances of how investment in MSME sector will help India in fueling the engine of growth and development amid COVID-19 financial and economic distress phase. The professional is the helping hand in the period of disguise their support will help the nation in the field of innovation and how to sustain life in this new normal. The government of India should focus on holistic growth of nation by ensuring that business is shared with SMEs and MSMEs to build a robust ecosystem.

Pivotal Role of MSME and Professionals in Fabricating Self-Reliant India

The study examines significant contributors to financial wellness for rural households in the hill districts of Uttarakhand. The study takes a sample of 666 respondents through multi-stage stratified random sampling from Self-Help Groups (SHGs) and Cooperatives members, and all are small and marginal farmers. A field survey was conducted using a structured questionnaire. Except for financial knowledge and numeracy, all other constructs, such as cash management, savings behavior, risk-credit management, financial attitudes, and financial wellness, were measured on a seven-point Likert scale ranging from strongly disagree to strongly agree. Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modelling (SEM) were conducted on 628 valid samples using SPSS 23 and AMOS 23. The results from the analysis revealed that cash management, savings behavior, and financial attitudes significantly contribute to financial wellness. The study found that households have the reasonable financial knowledge and financial numeracy skills. The study also found that savings behavior has a mediating effect on the relationship between cash management and financial wellness. The study is useful for rural development stakeholders and policymakers to strategically focus on financial inclusion programs.

https://www.cribfb.com/journal/index.php/ijfb/article/download/1566/1111

Determinants of financial wellness of rural households in the hill districts of uttarakhand: an empirical approach

Retirement refers to a stage in life when an individual stops working and transitions into a life of leisure and relaxationwhere involvement in activities decreases and becomes more limited. Even after a person reaches retirement age, a good retirement life needs continued job and a source of regular income. Retirement planning includes financial planning and preparation to ensure a comfortable standard of living after the cessation of employment. Inadequate retirement planning will typically result in some dissatisfaction during retirement. Therefore, it is crucial to have a good retirement plan. The reasonto conduct this study is to examine the significance of demographic variables and its impact while preparing for retirementin India amongst young employees. The objectivehere is determining the importanceofvariables including age and incomewith regard to financial planning for retirement. The study is conducted in Indian context. Age and income are the demographic factors on which the study is conducted. The conclusions of this research will aidpeople of India in creating a sound retirement plan for their future.

The Influence of Age and Income on Financial Planning: A Case Study on its Impact on Retirement Planning Decision

Abstract Rural poverty is often discussed in combination with spatial inequality where rural poor face worse problems with diverse remedies in comparison to urban poor. The present study aims to find out area-level effects and possible determinants of rural poverty based on data from the Rural Household Panel Survey of Pakistan Round-1 (2012). The multilevel binary logistic model is used to integrate concurrent individual and district-level variables to explore area-level effects on poverty. A two-level multilevel model is used for the analysis of the poverty status of 4804 respondents nested in 19 districts. Individual-level variables included in the model are education, socioeconomic status, and spending behaviour. It is found that approximately 60% of individuals of the overall population were found poor, and district-level effect accounts for 7% variations in poverty. A particularly significant ratio of poor is found for people who attained deeni madrassa/religious education or no education at all. Poverty existence is significantly associated with spending behavior and socioeconomic status. The persons with relatively middle/high socioeconomic status and successful educational achievement but a lacking attitude toward spending money are considered poor.

https://doi.org/10.1080/23322039.2023.2202048

Determinants of rural household poverty in Pakistan with multilevel approach

Financial literacy is a challenge in rural household people and remote population in India, also its plays a key role in an economic prospect. Financial knowledge mean ability to deal with everyday financial matters and make the right choice in spending, borrowing, budgeting, savings and investment decisions. Now-a-days access of financial service is decreasing and unnecessary spending is increasing from lower income people who are living in a rural area. Managing money is a vital element to achieve a quality life of individuals because spending habits will influence the managing money of people. The lower level of financial knowledge will contribute to poor financial decisions and that can be harmful to both individuals and society. This study examines levels of financial literacy and spending behaviors of rural household in India. The pilot study was conducted in India sample size of this study was 92. This study result reveals that Low level of financial literacy leads to poor in spending behavior of rural household individuals.

An Empirical Study on Financial Literacy and Spending Behavior of Rural Household in India

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An Empirical Study on Financial Literacy and Spending Behavior of Rural Household in India