Financial Inclusion- Creating wealth at the bottom of the pyramid

“The importance of finance to economic growth has also frequently been ignored by economists.”

Fed Governor, Frederick Mishkin in 2005

WHAT IS FINANCIAL INCLUSION?

We had two committees in past which give definitions of financial inclusion: Rangarajan Committee on Financial Inclusion which defines it as “the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.”

Raghuram Rajan Committee on Financial sector Reform which described it as “Financial inclusion, broadly defined, refers to universal access to a wide range of financial services at a reasonable cost. These include not only banking products but also other financial services such as insurance and equity products.”

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EQUINOX `13

 

 

 

 

 

 

 

 

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Arthsankalp-Panel discussion on Economic Policies

India witnessed resurgence of reforms in the past couple of months and these reforms have great implications on the business environment. As future managers, it is very imperative for B-school students to analyze the macro economic implications of these policies. The Finatix club of IIM Raipur organized the event Arthsankalp to provide a platform to participate in the panel discussion for students from various B-schools of India. The event witnessed both competitive spirit as well as knowledge sharing spirit. The finalists were chosen after immense scrutiny in the first 2 rounds. First round was a quiz on economics in business environment. 540 teams participated in the first round. Out of these 540 teams, 13 teams were shortlisted for the second round which involved an article submission on the topic: “Comparison of the economic policies of India, Japan, China and U.S. economies”. 4 teams got shortlisted for the final round which involved a presentation by individual team followed by a brain storming panel discussion on the topic “Macro economic analysis of recent reforms in retail, energy and financial sector in India."

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Resurgence of 1991 reforms in India

Indian economy has witnessed major reforms in the year 1991 which include-liberalization of foreign trade, abolishment of industrial license system and opening up of foreign direct investment. The growth witnessed by Indian economy after 1991 can be attributed majorly to these reforms. However, the current scenario is quite gloomy with a GDP growth of 6.9%, fiscal deficit of 5.7% of the GDP and credit rating of negative BBB-. In the wake of such turbulent situation, Indian Government has introduced various reforms recently which include:

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