Financial Inclusion Task Force Findings

I have been analysing and writing on the issues related to financial inclusion for more than two decades. The National Sample Survey of 2005 drew the media and the policymakers’ attention to the issue of financial exclusion. As per the survey report, just around 27 per cent of farm households had access to formal sources of finance.

Credit gaps in India declined by 12.01 percentage points in seven years between 2015 and 2022 as against a mere 6.22 percentage points drop in the previous 14 years between 2001 and 2015, showing impressive outcome of the Financial Inclusion initiatives taken by Prime Minister Narendra Modi government, according to a report released by SKOCH Financial Inclusion Task Force ahead of the Union Budget 2023-24.