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Role of Financial Inclusion on Economic Growth: Comprehensive Literature Review
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Author(s): Jai Prakash Pandey (Lovely Professional University, India)and Gurpreet Kaur (Lovely Professional University, India)
Copyright: 2023
Pages: 21
Source title:
Handbook of Research on Socio-Economic Sustainability in the Post-Pandemic Era
Source Author(s)/Editor(s): Jozef Oleński (High School Technology and Economics, Jaroslaw, Poland), Jeffrey Sachs (Columbia University, USA), Masayuki Susai (Nagasaki University, Japan), Υannis Τsekouras (University of Μacedonia, Greece)and Arjan Gjonça (London School of Economics and Political Science, UK)
DOI: 10.4018/978-1-7998-9760-6.ch003
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Abstract
The objective of the study is to analyze the effect of financial inclusion on the economic growth of the nation. The report of the World Bank indicates more than 1.6 billion adults to be unbanked globally as of February 2021. Women, deprived, and poor people of rural areas constitute a major portion of the unbanked population. The purpose of financial inclusion is to eliminate all obstacles, both on demand as well as supply side, to aid the deprived people for improved livelihood and eventually emanate in line with the mainstream of the economy to contribute towards sustainable growth. This study presents a comprehensive review of economic growth and financial inclusion. After examining the facts and figures, it can be established that financial inclusion plays a vital role for the economic growth and thereby social development of the community. Financial inclusion inculcates a habit of savings. It will intensify financial wealth and better fund management, which in-turn promotes trade and economic progression.
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