Role of Flagship Schemes in Expanding Financial Inclusion in India (Evidence from the Modi Government Era)

Abstract

Purpose: This paper investigates the position and development of financial inclusion in India under the Modi regime and particularly how the key flagship programs have performed in increasing access to inclusive financial services. Methods: The study takes the descriptive and analytical research design grounded in the secondary data taken using RBI reports, government publications, NSSO data and other literature. Trend and content analysis are used to evaluate the trend of financial inclusion indicators. Results: The results show a substantial increase in financial inclusion, which is backed by the increase in the Financial Inclusion Index. Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, Pradhan Mantri MUDRA Yojana and Stand-Up India Scheme are some of the flagship schemes that have increased access to banking, insurance, pensions and credit services, especially among underserved populations. Inclusion has also been enhanced by digitalization and direct benefit transfers. Research limitations: The research is restricted to secondary research and lacks primary-level behavioral information. Subsequent studies can include the micro-level analysis on the regions to gain a clearer insight into the usage trends and difficulties. Conclusion: The findings indicate that there should be more efforts to enhance financial literacy, service usage and regional imbalances in order to further financial inclusion. Originality: The research presents a general assessment of the financial inclusion program in the era of Modi, which has neither yet achieved success nor the gaps in the realization of inclusive growth.