Financial Inclusion: The Road Traversed and the Way Ahead

Abstract

The world has been a small place to compete and it is true that development has reached a stalemate where each nation has tried to win points at the cost of others. The depleting resources and rising costs have meant that efforts are radicalized to lift up the engines of development. The development has always been a priority regardless of the levels achieved and the existing saturation levels. The levels of anticipated and expected development levels forecasted and planned will always be  a miracle to achieve reality unless financial inclusion is implemented across the nation far and wide. Tangible progress has been made over last three years, but still the enormity of the task is such that it still leaves the countries with a lot to achieve over the next few years. The situation in India is no different and the patterns are very similar compared to other nations. It has made a remarkable progress and the resurgence in the entire financial machinery seems noticeable. But still the issue of financial inclusion seems conspicuous by its absence. This paper is divided into three sections. The first section analyses the progress of India compared to other nations on financial inclusion. The second section provides an outline of Indian states on determinants shaping up the index of financial inclusion. The third section provides a roadmap ahead for Indian economy attempting to stage a full financial inclusion over a period of time