Financial Inclusion and its Impact on India’s Economic Growth: A Roadmap of Viksit Bharat Mission-2047

AbstractThe Viksit Bharat (Developed India) Mission 2047 visualises India becoming a developed nation with a US$35 trillion economy by 2047, provided it sustains an average real growth rate of around 8% annually. While the fundamentals of the Indian economy are robust, and domestic consumption drives nearly 70% of GDP, achieving this vision requires a more inclusive development approach. Financial Inclusion (FI) plays a crucial role in this mission by ensuring equitable access to financial services for all, particularly for vulnerable individuals and those who earn their income in the unorganised sectors. A review of existing literature confirms the strong connection between financial inclusion and economic development, emphasising its importance in promoting growth, reducing poverty, and enhancing social equity. The present study investigates the impact of financial inclusion on economic development using regression analysis techniques. The findings confirm a significant relationship, indicating that financial inclusion is a vital driver in realising the goals of the Viksit Bharat Mission.