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Nexus between Financial Inclusion and Economic Growth: Evidence from the Emerging Indian Economy

Author : Amedee Havyarimana Journa Name: INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH AND ENGINEERING TRENDS Country : India Volume: 10 issue: 3 Year: 2024 Views : 599
Abstract:
Financial inclusion is becoming crucial for fostering economic growth and reducing poverty, particularly in developing countries like India. This study investigates the intricate dynamics of financial inclusion in India, examining its underlying factors, patterns, and impact on GDP development. The study examines different dimensions of financial inclusion, including the utilization and availability of financial services, the role of technology, and institutional factors. This is done by employing theoretical frameworks and analysing empirical data. The paper comprehensively analyses the complexities and challenges associated with financial inclusion by integrating various conceptualizations and measurement approaches through a thorough review of the existing literature. In addition, the study investigates the determinants of financial inclusion by analysing the influence of institutional, macroeconomic, and socioeconomic factors in different countries and regions. The study examines the relationship between financial inclusion and economic growth, analysing the factors contributing to this connection and exploring how financial inclusion can stimulate economic growth. This research contributes to a more comprehensive comprehension of the impact of financial inclusion on fostering inclusive and sustainable economic growth. It achieves this by consolidating current empirical studies and providing novel perspectives. This will assist policymakers, practitioners, and researchers promote financial inclusion initiatives in India and other regions.
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