Public and Financial Inclusion: Efforts to reach the economy from the livelihood of the common man through digital means

Recently, Prime Minister Narendra Modi has launched Jan Samarth, a credit-linked portal linked to 13 government schemes to ensure easy availability of credit to youth, farmers, and entrepreneurs. Speaking on the occasion, he said that this portal will play an important role in making the life of the common man easier while making it easier for the youth to open and run any company and enterprise of their choice.

It is noteworthy that after Kovid-19, Kalyankari economists are telling the effective need for financial inclusion for the eradication of poverty and welfare of the poor in the challenging era of global recession all over the world. In this context, India's rapid progress towards financial inclusion in recent years has been appreciated by various economic and financial organizations of the world.

It is being said that by involving crores of poor, backward, and low-income people in the formal medium of the economy and ensuring easy availability of financial and banking services transparently through a digital medium, subsidy, financial Many multifaceted facilities including service, ration, administrative and health services are being reached without intermediaries.

It is also being highlighted across the world that the Gross Loan Portfolio (GLP) of the microfinance sector is growing rapidly in India to make their lives easier and financially empowered by providing simple loans of small amounts to the common man and small businessmen. . According to new data from Microfinance Institutions Network (MFIN) published on June 16, GLP grew by 10 percent to Rs 2,85,441 crore as on March 31, 2022, from Rs 2,59,377 crore as of March 31, 2021.

The special thing is that a large number of people are benefiting from the microfinance industry. Under this, loan accounts increased to 11.31 crores in March 2022 from 10.83 crores in March 2021. There is no doubt that Jan Dhan Yojana (PMJDY) has brought revolutionary changes in the field of financial inclusion in the country. How the common man of the country is benefiting from the various financial inclusion schemes implemented in the country can be gauged from the Financial Inclusion Research Report in India, 2021 published by State Bank of India (SBI) Ecowrap.

According to this report, India is now ahead of Germany, China, and South Africa in terms of financial inclusion. The report also said that Jan Dhan Yojana has changed the picture of banking in rural areas. In the states where the number of Pradhan Mantri Jan Dhan Yojana accounts is high, there has been a decline in crime. It is also observed that there has been a significant and significant decline in the consumption of narcotics such as alcohol and tobacco products in the states with higher bank accounts.

Undoubtedly, most of the poor and weaker sections of the country are seen moving forward to take advantage of financial inclusion. But there are also many obstacles and challenges on the road to financial inclusion. A large number of Jan Dhan accounts are still lying dormant. The digital infrastructure in the country is weak. The necessities of digital transactions - computers and the Internet - are out of reach for a large number of people.

A large number of people are unfamiliar with digital payment technologies for financial transactions. Small villages do not have adequate access to electricity. Also, the country is still far behind in terms of mobile broadband speed. It can be expected that due to the effective implementation of 13 different schemes of nine ministries included under the portal Jan Samarth, as well as various financial inclusive development schemes implemented in the country, financial relief, convenience and security will be provided to crores of poor and weaker sections of the country. Can get With this, a new chapter of economic-social welfare and economic development can start in the country.

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