The progress of every nation is reflected in the socio-economic security it provides its people, and credit is a vital instrument in creating and sustaining such security.
However, today, more than 160 million people and 50.7 million businesses lack access to formal credit in India. Factors such as lack of credit history, financial illiteracy, language barriers, and commercially unviable geographies have created the stark opposite economic realities for Indians.
In an attempt to realize socio-economic equality, policymakers are now considering the benefits of financial intermediation and markets to bridge this gap. By restructuring the current ways to gatekeep credit access, everyone can be included in India’s economic mobility movement and enjoy equal opportunity for shared prosperity. In that context, it is no surprise that financial inclusion has been recognized as a critical enabler for SDG1 and six other SDGs!