The Role of Financial Inclusion in Advancing Economic Development: A Comprehensive Review of Statistical Evidence in India

Abstract

Financial inclusion has emerged as a cornerstone of economic advancement, particularly in developing nations like India. This systematic literature review presents a comprehensive synthesis of 15 recent studies, shedding light on the transformative impact of financial inclusion initiatives. By exploring the dynamic roles of digital financial services, progressive government policies, microfinance frameworks, and financial literacy programs, the review highlights how financial inclusion drives economic growth, reduces poverty, and empowers communities. Moreover, it uncovers pivotal challenges and untapped opportunities to further enhance financial inclusion. With a keen focus on the robust statistical methods underpinning these findings, this review offers a nuanced perspective on the critical role of financial inclusion in shaping India’s economic and social landscape.