Financial Inclusion - The Means Of Inclusive Growth In India

Abstract

India is among the fastest and largest growing economies of the world, but what has been the most disturbing fact about its growth is that its growth has not only been uneven but also discrete. It has been uneven in the sense that there has been no uniformity in its growth performance and it has been discrete and disconnected with regard to growth and distribution of growth benefits to certain sectors of economy. And thus the need for inclusive growth comes in the picture of Indian economic development. However for attaining the objectives of inclusive growth there is a need for resources, and for resource generation and mobilization financial inclusion is required. It plays a very crucial role in the process of economic growth. The accessibility of sound financial services in rural areas is pivotal for the growth of the economy, as this will let the large number of rural households to fund the progress of their income. The growth of Indian economy is dependent on the growth of the rural market. Hence substantial financial inclusion in these segments is of vital importance.