A Long-Term Financial Inclusion Strategy for Viksit Bharat:Sustained Digital Literacy, Trust, and Access for All

This paper proposes a multidimensional strategy for advancing financial inclusion in India as a cornerstone of the nation’s Viksit Bharat@2047 vision. It argues that inclusion must evolve from a metric of access to a transformative tool of economic citizenship—anchored in sustained literacy, institutional trust, equitable access, and user empowerment. India has made remarkable progress in expanding financial services. With over 54 crore Jan Dhan accounts, widespread use of the Unified Payments Interface (UPI), and targetted government schemes such as PMMY, APY, and PMSBY, formal financial access has increased across geographies and demographics. However, this infrastructural reach has not always translated into meaningful engagement. Inactive accounts, persistent gender and rural gaps, limited digital literacy, and deep-seated mistrust continue to hinder effective inclusion, especially among women, persons with disabilities, and low-income households. This paper conceptualises a shift from infrastructural inclusion to functional and resilient inclusion. It proposes four interdependent pillars as the foundation for long-term financial inclusion: (a) Sustained digital and financial literacy: financial literacy must be continuous, contextualised, and adaptive across life stages—delivered in local languages and formats tailored to diverse user needs; (b) Trustworthy institutions and transparent service delivery: building trust requires fair, culturally sensitive, and linguistically accessible services supported by strong grievance redress mechanisms and algorithmic accountability; (c) Inclusive technology design: digital tools must be accessible by default, incorporating universal design principles to serve users with disabilities, low literacy, or limited connectivity; and (d) Community-led financial ecosystems: community institutions such as SHGs, cooperatives, and panchayats must be embedded in policy design and service delivery to ensure credibility, ownership, and sustainability. The paper offers a comprehensive framework involving coordinated governance among regulators (RBI, SEBI, IRDAI, PFRDA, and IEPFA), enhanced financial literacy convergence, and rights-based legal safeguards. It advocates for embedding equity through targetted policy instruments, such as a National Disability Financial Inclusion Strategy, a Unified Inclusion Dashboard, and localised outreach models. The paper concludes by emphasising that financial inclusion for Viksit Bharat must be a sustained institutional commitment, rooted in participation, protection, provisioning, and permanence. It is not merely a vehicle for economic growth, but a democratic imperative for building a just and resilient financial future.