What is Economic Empowerment
Although there is no “official” definition of economic empowerment, its generally defined as giving a group of people the means to be in control of their own economic destiny. It consists of helping people improve their economic status while, at the same time, gaining more control over that status.
When we talk about economic empowerment, we usually are referring to the economic empowerment of groups that are powerless. These are people who have had very little control of their economic destinies and have been largely controlled by others. For example, women and racial minorities often fall into this category.
Economic empowerment efforts typically include efforts to make such people self-sufficient. For example, it can involve efforts to provide “low-interest business loans” to women and minority entrepreneurs so that they can open their own businesses or it can involve providing training for people so that they will be more aware of how to improve their economic status.
In short, then, we can contrast economic empowerment with simple economic aid. Economic empowerment is meant to give people the means to improve themselves economically, not just food or money to fulfill their immediate needs.
Economic empowerment is the empowerment approach that focuses on mobilizing the self-help efforts of the poor, rather than providing them with social welfare. It is also the empowering of previously disadvantaged sections of the population.