Assessment of Financial Inclusion: Indian Economic Growth and Micro Insurance

Dr. Raj Bihari Lal Srivastava

doi:10.55524/ijirem.2022.9.1.107

Abstract

The goal of this study is to look at the recently announced plans for financial inclusion, with a focus on how they might help groups with low incomes. Design, methodology, and approach: This study included microfinance and micro insurance programmes to learn about their effects on a sample of 100 people from all walks of life in the Agra district, India. The results show that people have a good idea of what has been done and how much better off they are as a result of the various financial inclusion programmes. The populace is making use of microfinance and micro insurance to engage in agricultural pursuits, animal husbandry, and the establishment of their own businesses. All types of people support the GOI's plan to use MF and MI to revive India's sagging economy. This study's novel findings will aid in the spread of banking services across economically and socially disadvantaged communities, thus fostering financial inclusion and inclusive growth. Increased access to banking by rural residents, spurred by lower fees, will hasten the spread of inclusive funding and development. As this study shows, financial institutions should work to create synergies with technology providers in order to reach the general public and help as many poor people as possible. This would also help them deal with low-value, high-volume transactions in an efficient and effective way.

Keywords

Micro Insurance, PMJDY, Financial Inclusion, PMSBY, Insurance Scheme

References

Chattopadhyay, S. K. (2011). Financial Inclusion in India: A case Study of West Bengal. (RBI Working Paper). Mumbai.
Kodan, A. S., & Chhikara, K. S. (2013). A theoretical and quantitative analysis of financial inclusion and economic growth. Management and Labour Studies, 38(1–2), 103–133.
Camara, N., & David, T. (2014). Measuring Financial Inclusion: A Multidimensional Index. (BBVA Working Paper 14/26).
Singh, B. P., & Mishra, A. K. (2014). Nexus of financial development and economic growth in India: revisiting Schumpeter. Indian Journal of Economics and Development, 10(3), 246–255.
Narula, S. (2015). Financial Literacy and Personal Investment Decisions of Retail Investors in Delhi. International Journal of Science, Technology & Management, Volume 4 (1), pp 33-42.
Arora, Akshita (2016): “Assessment of financial literacy among working Indian Women” [Online] pp. 219-237 available at https://www.researchgate.net/publication/298790053 (retrieved on January 2018)
Basutkar, T. (2016). Financial Literacy in Urban India: A Case Study of Bohra Community in Mumbai. Munich Personal REPEC Archive.
Ramachanran R, Anuradha D (2016), Micro Insurance as a Dimension for Financial Inclusion in India through Jan suraksha Scheme: An Empirical Analysis of Statistical Evidence, International Journal of Social Science and Economics Invention 2(12), DOI: 10.23958/ijssei/vol02-i12/01
Reddy, Y.V. (2017). Financial policy for the poor: Financial inclusion and micro-debt. 11th UNCTAD Debt Management Conference, Geneva. https://unctad.org/meetings/en/Presentation/2017_p3_reddy.pdf
Deepti, N. S., & Vaidhyasubramaniam, S. (2018). Measure of Index on Financial Inclusion in India. International Journal of Pure and Applied Mathematics, 119(10), 1447–1454.
Sana A K, (2018). Risk Management Practices in Indian Microfinance Sector: A Study of Some Selected Institutions in West Bengal, www.igi-global.com/chapter/risk-management-practices-in-indian- microfinance-sector/206368?camid=4v1
https://financialservices.gov.in
Dube, Shivam, V. & Asthana, P. (2019). A Study on Financial Literacy among College Students in Lucknow. International Journal of Social Science and Economic Research, Volume 4 (2), pp 963-974.
https://pmjdy.gov.in
Dr. Kirti Singh, Mr. Prashant Kumar Singh, & Prof. V.K. Gangal. (2021). Financial inclusion: A tool for resurgence of economically deprived society. Asian Journal of Multidisciplinary Research & Review (AJMRR), 2(5), 1-32
Sha'ban, M., Girardone, C., & Sarkisyan, A. (2020). Cross-country variation in financial inclusion: A global perspective. The European Journal of Finance, 26(4–5), 319–340. Schumpeter, J. A. (1911). The theory of economic development. Cambridge: Harvard University Press.
https://jansuraksha.gov.in/PDFDocument.aspx
Kumar, D. V. (2015, March). Pradhan Mantri Jan Dhan Yojana (PMJDY): Financial Inclusion and Inclusive Growth in India. International Journal of Scientific and Innovation Research Studies, 3(3).
MAPFRE Economics (2020), Financial inclusion in insurance, Madrid, MAPFRE Economics. https://www.mapfre.com/media/economic-research/2020/mapfre-economics-inclusion-financiera-11-06-2020-ENU.pdf
Dr. Raj Bihari Lal Srivastava. Trends and Impact on Industrial and Rural Development in India International Journal of Innovative Research in Engineering & Management(IJIREM) ,Vol-5 [Issue.6.], November. 2018. ISSN 2350-0557
Omar, M.A., InabaK. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Economic Structures 9, (37)

Cites this article as

D. R. B. L. Srivastava "Assessment of Financial Inclusion: Indian Economic Growth and Micro Insurance", International Journal of Innovative Research in Engineering and Management (IJIREM), Vol-9, Issue-1, Page No-504-509, 2022. Available from: https://doi.org/10.55524/ijirem.2022.9.1.107