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ESTD2016
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Paper Title
Inclusive Finance: Fueling India`s Journey to a USD 5 Trillion Economy
Authors
Varnita Gupta , Prof. Mukulika Hitkari
Keywords
Financial Inclusion, Financial services, Economic growth, $5 trillion economy, Financial Literacy, PMJDY
Abstract
India aims to transform into 'Viksit Bharat' by 2047 during the 'Amrit kaal' period, setting a landmark goal of achieving a $5 trillion economy by 2027-28. This ambitious objective necessitates the active participation of every citizen in nation-building. Financial inclusion stands as a pivotal pillar in any economy, crucial for fostering economic growth by ensuring affordable access to financial services for vulnerable and marginalized sectors of society. This inclusivity in the financial system significantly boosts economic activity by facilitating the mobilization of savings and funds for investments, thereby enhancing consumption and income levels across the economy. The introduction of PMJDY marked a critical step towards this goal. This study explores how financial inclusion can catalyze India's path to a $5 trillion economy, emphasizing the importance of comprehensive financial services encompassing banking, insurance, and pension products. It also underscores the role of financial literacy in promoting broader financial inclusion. Moreover, the paper addresses challenges within the financial sector that hinder growth prospects and proposes strategies to overcome these barriers. The paper employs descriptive methodology based on secondary data to examine the significance of financial inclusion in realizing India's economic ambitions. The findings of the study underscore the imperative of advancing financial inclusion efforts to foster more equitable economic growth.
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How To Cite
"Inclusive Finance: Fueling India`s Journey to a USD 5 Trillion Economy", IJRTI - International Journal for Research Trends and Innovation (www.IJRTI.org), ISSN:2456-3315, Vol.9, Issue 6, page no.621 - 628, June-2024, Available :https://ijrti.org/papers/IJRTI2406091.pdf
Issue
Volume 9 Issue 6,
June-2024
Pages : 621 - 628
Other Publication Details
Paper Reg. ID: IJRTI_190090
Published Paper Id: IJRTI2406091
Downloads: 205,631
Research Area: Social Science and HumanitiesÂ
Country: Kanpur, Uttar Pradesh, India
Published Paper PDF: https://ijrti.org/papers/IJRTI2406091
Published Paper URL: https://ijrti.org/viewpaperforall?paper=IJRTI2406091
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ISSN: 2456-3315 | IMPACT FACTOR: 10.57 Calculated By Google Scholar | ESTD YEAR: 2016
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