Finance Minister Nirmala Sitharaman presents the Economic Survey

New Delhi- Finance Minister Nirmala Sitharaman presented the Economic Review for FY 2023-24 in the Lok Sabha। In this economy survey, it has been said that the strong pace of the Indian economy will continue. Real GDP for the current financial year has been estimated to range from 6.5% to 7. It has also been said that digital infrastructure has now become the wheel of development of the country. Not only this, it is playing a big role in financial inclusion.

The Economy Survey states that financial inclusion is not just a goal, but also as an instrument for sustainable economic growth, inequality reduction and poverty alleviation. The United Nations (UN) has ranked financial inclusion as a key enabler of other development goals in the 2030 Sustainable Development Goals (SDGs). Financial inclusion can enhance overall economic growth and facilitate the achievement of various SDGs.

The government has given priority to taking financial services to the last mile. According to the World Bank’s Global Financial Inclusion Database, India has made significant progress in its financial inclusion targets over the last ten years. The number of adults holding an account in a formal financial institution increased from 35 percent in 2011 to 77 percent in 2021. Based on bank account data and the relationship with GDP per capita, one estimate is that it would have taken 47 years for 80 per cent of adults to achieve the bank account target if India had relied solely on the traditional medium. Digital loans have emerged as a powerful medium for individuals and firms to develop economic opportunities. This could become a powerful medium for inclusive growth.