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Decoding the Union Budgets’ Financial Inclusion Agenda
Union Budget 2023–24 reaffi rms India’s commitment to promote financial inclusion measures and invest in digital infrastructure to support and achieve a financially inclusive economy. This article provides a comprehensive overview of fi nancial inclusion initiatives since 2005–06 and a way forward from the current budget.
This article is part of the special issue of the Budget 2023–24.
The views expressed in the article are of the authors and do not necessarily refl ect those of the organisation or institution they represent.
Union Budget 2023–24 reaffirms India’s commitment to promote financial inclusion measures and invest in digital infrastructure to support and achieve a financially inclusive economy. This article provides a comprehensive overview of financial inclusion initiatives since 2005–06 and a way forward from
the current budget.
Financial inclusion is the process of ensuring access to affordable and useful financial products and services to everyone, especially weaker sections. Digitisation of financial services has significantly contributed to reducing costs, addressing information gaps, and increasing their accessibility and speed, thereby promoting financial inclusion in the economy. Union Budget 2023–24 builds upon these benefits of digitisation to promote inclusivity in the economy, while further facilitating easy access to credit and boosting participation in the financial markets.
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