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

In: Sustainable Development Goals: The Impact of Sustainability Measures on Wellbeing

Author

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  • Jitender Kumar Goyal
  • Yamini Agarwal

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.

Suggested Citation

  • Jitender Kumar Goyal & Yamini Agarwal, 2024. "Increasing Financial Inclusion in India for Sustainable Economic Growth and Development – A Sem Approach," Contemporary Studies in Economic and Financial Analysis, in: Sustainable Development Goals: The Impact of Sustainability Measures on Wellbeing, volume 113, pages 123-141, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-37592024000113b009
    DOI: 10.1108/S1569-37592024000113B009
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    Keywords

    Digital financial inclusion; SDGs; financial system; COVID-19; economic growth and development; banking; financial services; G21; G53; G23; G28; F65;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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