FINANCIAL INCLUSION AS A STRATEGIC TOOL IN ECONOMIC POLICY TRANSFORMATION TOWARDS INDIA: CONCERNING RURAL DEVELOPMENT IN GORAKHPUR REGION

Abstract

This research paper delves into the pivotal function of financial inclusion as an essential component of economic policy in India, particularly focusing on its implications for rural development and mitigating socioeconomic inequalities. It posits that providing timely and affordable financial services to vulnerable and low-income groups generates significant multiplier effects on economic outcomes, including growth, poverty reduction, and gender equity. The case study concentrates on the Gorakhpur district in eastern Uttar Pradesh, where financial inclusion strategies are actively integrated into nationwide efforts to invigorate rural economies and incorporate marginalised populations into the formal financial landscape. By employing a comprehensive analytical framework, this paper illuminates the transformative impact that financial inclusion can potentially wield in reshaping economic policies, driving sustainable development initiatives, and fostering equitable growth in the rural regions of India.