Role of financial inclusion for inclusive growth of India

Inclusive growth is a concept that advances equitable opportunities for economic participants during economic growth with benefits incurred by every section of society. Despite India boasting economic growth rates higher than most developed countries in recent years, a majority of the country’s population still remains unbanked. Government launching the various programs for cashless society and transparency in transaction of money but without the financial inclusion these programs cannot be succeeding in India. However for attaining the objectives of inclusive growth there is a need for resources, and for resource generation and mobilization financial inclusion is required. It plays a very crucial role in the process of economic growth. The present paper focuses on role of financial inclusion for inclusive growth. It attempts to study the concept and initiatives towards financial inclusion in India by looking at the various initiatives of financial inclusion example from some of the key government policy initiatives. The data was based on secondary data. Also, the study looked into specific government programs. The study finds that there has been considerable progress in the financial inclusiveness in terms of penetration of banking services among the bottom of the pyramid segment of population due to various initiatives.