India: Microfinance industry posts strong growth

The gross loan portfolio of microfinance institutions (MFIs) in India increased by 84 per cent year-on-year to reach Rs 53,233 crore (US$ 7.9 billion) in FY 2015-16 as a result of bigger loan size and increased bank funding. Close to 60 per cent of the loan portfolio of MFIs was concentrated in urban and semi-urban areas in FY16. It is important to note here that this portfolio expansion took place even as one of the biggest micro lenders, Bandhan, was elevated to a bank. Bandhan used to account for almost a fifth of the MFI portfolio.

In another significant development, Indian Space Research Organisation (ISRO) has successfully carried out a technology demonstration of its reusable space launch vehicle at Sriharikota. The reusable launch vehicle will be capable of taking satellites to space and then landing back on earth so that it can be used more than once and is expected to drastically reduce the cost of space missions in the future.  

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.