Question
Muhammad Yunus was awarded Nobel Peace Prize for pioneering work in the field of ______.
This question was previously asked in
RRB NTPC 2019 CBT 1 Question Paper (8-Mar-2021) (Shift 2)
The correct answer is
microfinance
Muhammad Yunus Nobel Prize Work
Muhammad Yunus received the Nobel Peace Prize for his groundbreaking efforts in the field of microfinance.
Pioneering Microfinance
- Microfinance involves providing financial services like loans, savings, and insurance to low-income individuals who lack access to traditional banking.
- Muhammad Yunus pioneered this concept, most notably through the founding of Grameen Bank in Bangladesh.
- His work aimed to empower the poor, particularly women, by providing them with the capital needed to start small businesses and improve their livelihoods.
- This approach challenges traditional economic models by focusing on poverty alleviation through financial inclusion.
- The Nobel Committee recognized this pioneering work for its potential to create economic and social development from below.
Therefore, Muhammad Yunus was awarded the Nobel Peace Prize for his pioneering work in microfinance.
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