Empowering Financial Access: Unlocking the Power of Financial Inclusion in West Bengal Amidst the COVID-19 Pandemic

Arna Ray ()
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Arna Ray: Adamas University

Chapter Chapter 9 in Pandemic Diaries, 2025, pp 143-164 from Springer

Abstract: Abstract India's recent entry into her $3 trillion market capitalization club in 2021 highlights the importance of financial inclusion in unlocking economic potential. We know that capital markets are the ‘mirror’ of the economy. If that is true, our economy is now a trillion-dollar economy, and everyone in the country can benefit equally. Further, financial inclusion is closely linked to the trillion-dollar club. Financial Inclusion which primarily includes access, usage and availability, gives any country, region and ultimately an individual the basic needs required for a healthy lifestyle. The study is aimed at analyzing the impact of financial inclusion on development of an economy, socio-economic empowerment and poverty. The study data were collected from four large banks from the state of West Bengal. The study uses correlation regression and variance analysis which is utilized to examine the hypotheses and is descriptive and evaluative in nature. With a Pearson correlation coefficient of 0.220, the findings demonstrated a favourable correlation between economic development and financial inclusion. Additionally, the findings show the relation among economic development and Financially included is not influenced by empowerment led by overall society. Additionally, the findings suggest that being financially included possesses an effective impact on reduction of poverty, spanning all over socio-economic profiles, it is found. Morgan Stanley expects benchmark the Sensex to surpass 1 lakh-mark by 2028, making the Indian stock market one of the world’ top five stock markets, with a market capitalization of $6.1 trillion. Here, the very paper does appropriate addition to the already available studies done so far, by providing numerical facts, regarding financial inclusion rightly being one of the most important factors for overall growth of any economy.

Keywords: Financial inclusion; Economic growth; Socio-economic empowerment; Poverty reduction; Evaluative study; Unmediated connection; Beneficial effect; Socio-economic profiles; Empirical evidence (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-96-5415-4_9

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DOI: 10.1007/978-981-96-5415-4_9

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