Volume : 2, Issue : 8, AUG 2016
FINANCIAL INCLUSION: FACTOR THAT EXPEDITES SUSTAINBALE ECONOMIC GROWTH
Ranapratap Pal
Abstract
In the eleventh five year plan of India, growth and inclusiveness was considered as co-equal objectives in acknowledgement of the fact that GDP growth cannot be an end in itself as a goal. Inclusive growth, a global term nowadays, implies participation as well as sharing of the benefits from the growth process with the socially disadvantaged and can be thought as both an outcome and a process. Financial inclusion may be defined as the process of ensuring access to financial services and offering timely and adequate credit to the vulnerable groups at an affordable cost. A systematic and meaningful study on the state of and policy on the financial inclusion is crucial for the true assessment of the state of development of economy as a whole, as far as financial objectives of development are concerned.
Keywords
Inclusive Growth, financial inclusion, financial instruments, financial literacy, sustainability.