To manage rural change in a turbulent world caused by global financial crisis, we need to remove the panic and fear ( false evidences appearing real) among the stake holders, observed Dr. M.M .Goel, Professor of Economics, Kurukshetra University, Kurukshetra while chairing the plenary session at the 5th International Conference and Field Study held at Institute for Rural Advancement (INFRA) Bangi ,Selangor in Malaysia organized by Rural Research and Planning Group (RRPG) on the theme ' Managing Rural Change in A Turbulent World: Towards A Resilient and Sustainable Rural Society' recently ( August 26-28, 2014).
There are some, if not many, similar problems in India, Malaysia and Indonesia such as infrastructure, poverty, corruption and inflation and calls for effective rural governance for which he justified the adoption of SMART( simple, moral, action oriented, responsive and transparent) model developed by him.
Professor Goel and his research scholar Mr. Virander Pal Goyal Assistant Professor of Economics, R.K.S.D. College Kaithal in their joint paper 'Microfinance for Sustainable Rural Development in India: A Case Study of Haryana' presented in the said conference justified microfinanceas an effective intervention for socio-economic empowerment and sustainability of the rural poor in India including women under Self Help Groups (SHG) scheme. The improvements in income of the members of SHGs have been found significant. The delivery of microcredit to the poor is more effective and less costly in the organized form of SHGs in comparison to individuals who have become habitual of enjoying subsidies only. There is a considerable scope for effective monitoring and evaluation of the scheme. To improve efficiency and effectiveness in the scheme, the ideal number of members in a group should be five like Panadvas in Mahabharata who won the war of righteousness which also stands authenticated by the experiences of micro-finance in Bangladesh. For ensuring further improvement in SHGs, we should provide finances at zero percent rate of interest instead of distributing subsidies, told the said researchers. Professor Goel also proposed the vote of thanks on behalf of the participants at the closing ceremony officiated by Deputy Minister of Rural and Regional Development Malaysia Y.Berhormat Datuk Alexander Nanta Lingsi.