Impact of Financial Inclusion through Pradhan Mantri Jan Dhan Yojana in Transforming Rural Economy
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 12
Abstract
It is estimated that globally over 2.5 billion people are excluded from access to financial services of which one third are in India. For a developing country like India, the era is of Inclusive growth and development. An important principle of the inclusive growth strategy is that the constituents of development policy must be managed in an efficient manner and the success of which can be evaluated in terms of high rate of economic growth, greater distributive equity and poverty reduction as an irreducible set of policy objective within the framework of democratic governance. India is moving ahead on the path of transformative and technologically advanced economy and striving hard to establish a pattern of social order based on the principle of distributive justice and providing equal opportunities of growth to masses. No doubt, economic reforms over the years have succeeded in enhancing India’s potential on many developmental forefronts but, still, it has failed in alleviating the poverty. This poverty can be eradicated from its roots only when the poor starts contributing in the growth process through their productive involvement. The availability of financial services in rural areas is extremely important for the growth of the economy as this will enable a large number of rural households to fund the growth of their livelihoods. The growth of the economy is dependent on the growth of the rural market at large. Therefore, greater financial inclusion in these segments is imperative. Pradhan Mantri Jan Dhan Yojana (PMJDY) is an innovative and efficacious measure of financial inclusion, which is designed to eliminate the problem of “Financial Untouchability” by ensuring distributive justice to the poor and vulnerable section of the society. The paper analyzes the perception of rural masses residing in Chamba and Shimla districts of Himachal Pradesh, regarding PMJDY, in contributing to the nation’s inclusive growth and development strategy. The research methodology follows the multistage sampling to acquire required primary data for the study. The study concludes itself by giving in result four prominent factors, that is, financial benefits, encouraging saving habits, social development and corruption elimination as the key benefits that the yojana holds.
Authors and Affiliations
Yashika Guleria, O. P. Verma
Keywords
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- DOI 10.9790/487X-2012031826.
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