Financial Inclusion - A Strategic Tool to Attain Economic Development
Published: 2022
Author(s) Name: Iti Verma, Nidhi, Anica Agarwal, Harshita Joshi, Nishtha Jain |
Author(s) Affiliation: Department of Commerce, Gargi College, Delhi University, Delhi, India.
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Abstract
India is one of the fastest growing economies across the globe. The thrust of the New Economic Policy has been towards creating a more competitive environment in order to expand the economic wings of the country. Since 1991, the Indian economy has been progressively enjoying the path of stable economic growth, still, social and financial inequalities have increased alongside. The Government of India and the Reserve Bank of India have been making strategic efforts to promote financial inclusion as one of the important national objectives to attain inclusive growth for the economic development of the country. The present study is conceptual in nature and based on secondary data to analyse the factors that stimulate financial inclusion in the Indian economy. The present study also examines if financial inclusion is a strategic weapon to achieve economic growth and development and recommends strategies to encourage market penetration by financially excluded sections of the society.
Keywords: Economic Development, Financial Inclusion, Financial Literacy, India, SDGs
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