Inclusive Growth Exclusion

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Abstract-Inclusive growth is much needed to include common people into the orbit of development. Social and economic justice can be provided only with the inclusion of hitherto excluded deprived section of people. Lot of measures was undertaken by the Government of India and Reserve bank of India together to mitigate the problem of financial exclusion. It leads to particularly, development of all sections of people. To achieve this multi-model approach was adapted. Service Area approach, priority sector lending. Differential rate of interest, Lead Bank Scheme, issue of General credit card and Kisan credit card and so on help to overcome financial hassle to get credit from formal institutions. In this direction emergence of Self Help Groups…show more content…
Lot of exclusion can be seen among States, Sectors, Regions and communities. The development with exclusion cannot achieve social justice. The Growth strategies cannot succeed without the commitment to equality of opportunity, giving everyone a fair chance to enjoy the fruits of growth. The concept ‘Inclusive Growth’ gained much importance as the solution to problem of financial exclusion. Eleventh five year plan (2007-2012) advocates for inclusive growth. This is to reduce poverty and other disparities and raise economic growth. Inclusive growth can be achieved by focusing on expanding regional scope of economic growth. Financial Inclusion is a powerful tool to achieve inclusive growth. Financial inclusion is the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as economically and socially weaker sections and low income groups at a fair and transparent manner by formal financial institutions. The financial development and improved access to banking and related services not only accelerate economic growth but also reduce income inequality and…show more content…
An empirical study was conducted with 300 members, to test the hypotheses of the study. Random Sampling method was adopted. Primary data was collected through Sample Survey method, for which structured questionnaire and interview method was used. After joining SHGs the increase in bank accounts, increase in avail of credit, percentage of repayment are used as parameters of financial inclusion. Percentage, and paired T test are the methods adopted to check the results of the collected data. Role and importance of financial inclusion in Indian Financial System. The concept of financial inclusion and its implementation has come a long way since the last two decades and the results are also quite fair. There have been much technological advances that have transformed the banking industry from traditional brick –and-mortar infrastructure like staffed branches to a system supplemented by other channels like automated teller machines, debit and credit cards, internet banking, online money transfer etc. The moot point, however, is that access to such technology and services are restricted to only certain segments of the society. Result and

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