India’s Growth on the foundation of Financial Inclusion

Written by Akshat Uniyal · 1 min read >

For every country that aims for economic development and sustained growth, Financial Inclusion becomes a critical cornerstone in the country’s foundation. Financial literacy among all the sections of the society carves out this niche in this regards, which takes into ambit, not just the rich but also the marginalized. 

The world today talks of numbers and digitalisation and where they both merge is the field of digital currency. Gone are the days when people bore the risk of carrying heavy cash physically in their pockets. With the advent of various applications like Phonepe, GooglePay, BHIM etc., the accessibility and usage of currency have altogether changed the dynamics of transactions, thus making it cashless. 

But, with this kind of a paradigm shift to such a financial model, the onus on the government was to reach the last milestone covering the entire nation. And for this, the government launched various schemes like the Jan Dhan Yojana, which enabled even the marginalized to open bank accounts and further link it with their Aadhar and mobile number to ease out their daily accessibility. 

The government also ensured the grant of Direct Benefits Transfer to the bank account of the person concerned and thus discouraged the grant of subsidies. This Financial literacy was made available to even those who are deprived from any form of education but still contribute to our nation’s GDP like the rural households, widows, pensioners, elderly and differently abled people. 

The main challenge for this financial inclusion rests on the physical and the digital connectivity across the nation, to the roughest terrains or the remotest areas! The task ahead is to bring this connectivity so that our vision of the cashless economy can be achieved while simultaneously growing on the economic front, as a whole. Our country’s growth needs such a financial inclusion which includes all the sectors and brings about their contribution on an equal plane. 

Financial literacy of all forms moreover, would eradicate the fears of indulging in the complexities of banking institutions and rather promote transparency with a safe and secure environment for all transactions. It would address the need of the hour for maintaining finances in the economy and also add to the economic output of the nation. Thus, Financial inclusion is a great approach for the growth path ahead.

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