In those countries which were not able to distribute the benefits of rapid economic growth in a fair manner, inclusive growth was identified as the number one priority out of other development goals. Consequently, financial inclusion is considered the most effective way of bringing about inclusive growth, with the formal financial sector expected to become more accessible to the less privileged groups who will not only be the customers of the sector but also economically active. This study employing survey data empirically investigates the influence of financial inclusion on inclusive growth in Haryana, India.
This paper uses both descriptive and analytical research design. Besides, a wide range of quantitative methods are implemented, including descriptive statistics, factor analysis, and hypothesis testing, to identify the relationship between the dimensions of financial inclusion and the outcomes of inclusive growth. The research on financial inclusion is intended to encompass a wide range of issues that include access to and usage of financial services, adoption of digital financial service, financial literacy, institutional trust, and awareness of government initiatives.
The research findings indicate a statistically significant positive relationship between financial inclusion and inclusive growth. Nevertheless, it turns out that real usage, digital inclusion, and trust in financial institutions together with access to the most basic banking services are the main factors leading to inclusive growth. There are still rural and urban divides and lack of digital literacy even though digital financial services are, in general, considered the major inclusion facilitators. While it is true that government programs play a vital role in the process of financial inclusion, their effectiveness is limited due to lack of awareness and uneven implementation.
The point is made that financial inclusion can be the main driver of inclusive growth only if it is accompanied by strong digital infrastructure, financial literacy, institutional trust, and well-targeted policy interventions. The paper's implications constitute a reservoir of ideas for the policymakers and financial institutions that are willing to craft efficient and region-specific financial inclusion strategies.
Keywords: Financial Inclusion, Inclusive Growth, Digital Financial Services, Financial Literacy.
How to cite this article: Monga R, Sharma V. Financial inclusion as a catalyst for inclusive growth: empirical evidence from Haryana. Int J Drug Deliv Technol. 2026;16(2s): 90-99; DOI: 10.25258/ijddt.16.2s.7
Source of support: Nil.
Conflict of interest: None