Increasing Financial Inclusion in India for Sustainable Economic Growth and Development – A Sem Approach

Jitender Kumar Goyal and Yamini Agarwal

A chapter in Sustainable Development Goals: The Impact of Sustainability Measures on Wellbeing, 2024, vol. 113B, pp 123-141 from Emerald Group Publishing Limited

Abstract: Purpose:The purpose of this study is to identify the elements that can enhance financial inclusion (FI) in a nation, which in turn promotes economic development and growth. Need for the Study:FI is crucial in providing people with the skills and resources to manage their money effectively and make informed financial decisions. Accessible, reliable and secure financial services play a significant role in achieving sustainable development goals (SDGs) and fostering economic progress. Methodology:Data from 571 respondents were collected for analysis. The study utilises Statistical Package for Social Sciences SPSS and Analysis of Moment Structures AMOS software to analyse data and achieve the study’s objectives. The researchers employ these tools to obtain substantial results. Findings:The findings indicate that FI contributes to economic growth (84%) and helps in accomplishing SDGs. Access, usage, affordability, technology, availability and technology adoption all play a vital role in increasing FI in the nation. Practical Implications:The study’s outcomes have practical implications for policymakers and stakeholders, emphasising the importance of promoting FI through various measures such as enhancing access, affordability and technological advancements in financial services.

Keywords: Digital financial inclusion; SDGs; financial system; COVID-19; economic growth and development; banking; financial services; G21; G53; G23; G28; F65 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1108/S1569-37592024000113B009

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