Impact of financial inclusion for growth of Indian economy

Impact of financial inclusion for growth of Indian economy
Author(s):
B Sudhakar Reddy
Keywords:
Financial Inclusion, Economic growth and Development
Abstract
Financial Inclusion refers to universal access to a wide range of financial services at a reasonable cost. These include not only banking products but also other financial services such as insurance and equity products. Financial inclusion is a key driver of sustained and balanced economic growth which helps reduce income inequality and poverty. While we have made tremendous strides in this area over the years, the pandemic has created new challenges and complexities. The financial system will have a crucial role to fulfill the inclination and needs of our economy. Financial inclusion broadens the resource base of the financial system by developing a culture of savings among immense segment of rural population and plays its own role in the process of economic development. Further, by bringing low income groups within the parameter of formal banking sector; financial inclusion protects their financial wealth and other resources in exigent circumstances. Financial inclusion also mitigates the exploitation of vulnerable sections by the usurious money lenders by facilitating easy access to formal credit.
Article Details
Unique Paper ID: 153850 Publication Volume & Issue: Volume 8, Issue 8 Page(s): 191 - 195
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