Impact of Financial Inclusion on India’s Economic Development under the Moderating Effect of Internet Subscribers

Aman Pushp, Rahul Singh Gautam, Vikas Tripathi, Jagjeevan Kanoujiya, Shailesh Rastogi, Venkata Mrudula Bhimavarapu () and Neha Parashar
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Aman Pushp: Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune 412115, India
Rahul Singh Gautam: Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune 412115, India
Vikas Tripathi: GL Bajaj Institute of Technology and Management, Greater Noida 201306, India
Jagjeevan Kanoujiya: Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune 412115, India
Shailesh Rastogi: Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune 412115, India
Venkata Mrudula Bhimavarapu: Symbiosis School of Banking and Finance, Symbiosis International (Deemed University), Pune 412115, India
Neha Parashar: Symbiosis School of Banking and Finance, Symbiosis International (Deemed University), Pune 412115, India

JRFM, 2023, vol. 16, issue 5, 1-15

Abstract: Financial inclusion is an emerging economic growth paradigm, especially in developing economies like India. It is an essential barometer for the all-encompassing growth of a country and its economy. However, there is still a debate regarding the effect of Financial Inclusion (FI) on achieving sustainable development. This study aims to determine if FI helps achieve Sustainable Development Growth (SDG) in India and if internet subscribers significantly influence the connection between FI and SDG. Secondary data from 16 states and one UT in India have been collected for 2017–2019. Therefore, the sample data is recent and covers a large country span. The data source is NITI Aayog and PMFBY (“Pradhan Mantri Fasal Bhima Yojana”) reports. The findings of this research are that FI has a positively significant relationship with sustainable development goals (SDG) in India. However, when the internet subscribers are high, the FI’s positive association with SDG gets reduced. PMFBY and SDG have been used for the first time, along with internet subscribers as moderators. The outcome has direct policy implications for improving the nation’s financial inclusion and economic growth.

Keywords: financial inclusion; sustainable development goals; internet subscriber; Pradhan Mantri Fasal Bima Yojana (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
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