Role of Financial Inclusion in Balanced Economic Development: An Empirical Investigation

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Akhilesh Sharma, Arvind Mohan

Abstract

One of the most important components of achieving balanced economic growth is financial inclusion. It refers to the supply of reasonably priced and easily available financial services, such as banking, insurance, and credit, to people and organisations that are not typically included in the traditional financial system. In recent years, there has been a lot of focus on the contribution that financial inclusion makes to promoting economic development and eradicating poverty. This essay examines the value of financial inclusion in fostering a balanced economic growth and identifies its opportunities and challenges. It discusses the potential advantages of financial inclusion, such as greater entrepreneurship, savings, and investment, and it looks at how government institutions and policies can support financial inclusion. The paper concludes by emphasizing the need for collaborative efforts between stakeholders to ensure that financial inclusion policies and programs are designed and implemented effectively to support balanced economic development.

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How to Cite
Akhilesh Sharma, Arvind Mohan. (2023). Role of Financial Inclusion in Balanced Economic Development: An Empirical Investigation. European Economic Letters (EEL), 13(2), 76–82. https://doi.org/10.52783/eel.v13i2.195
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