Financial Inclusion for Inclusive Growth of India

Abstract

India happens to be among the world's biggest and most rapidly developing economies. However, the most dangerous aspect of its growth seems to have been its tendency to be uneven and discrete. It is uneven in the way that its average productivity is not uniform, and it is discrete and disconnected in terms of growth and distribution of growth benefits to specific sectors of the economy. As a result, the need for inclusive growth has become the Indian Economic Development picture. However, in order to achieve the goals of inclusive growth, resources must be generated and mobilized, and financial inclusion is required for resource generation and mobilization. Its importance in the process of economic growth cannot be overstated. This research focuses on understanding the inclusive growth phenomenon, its need, and financial inclusion; asan instrument. It’s considering parameters like, literacy rate, unemployment rate, GDP, per capita and index of financial inclusion.

Objectives

• To study and understand the meaning and need for inclusive growth.
• To examine the significance of financial intermediation in India's economic progress.
• To know the extent of financial exclusion, and inclusion in India.

Need for Inclusive Growth

• Removal of poverty and unemployment
• Removal of income inequalities
• Agricultural Development
• Reduction in regional disparity
• For social sector development
• Protecting environment