Financial inclusion, Pradhan Mantri Jan Dhan Yojna Scheme and economic growth: Evidence from Indian States. (3rd June 2021)
- Record Type:
- Journal Article
- Title:
- Financial inclusion, Pradhan Mantri Jan Dhan Yojna Scheme and economic growth: Evidence from Indian States. (3rd June 2021)
- Main Title:
- Financial inclusion, Pradhan Mantri Jan Dhan Yojna Scheme and economic growth: Evidence from Indian States
- Authors:
- Singh, Bhanu Pratap
Kumari, Annu
Sharma, Tanya
Malhotra, Abhishek - Abstract:
- Abstract: The study examines the impact of financial inclusion, promoted through the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme, on the economic performance across the Indian states. Using the index of financial inclusion developed in Sarma (2008), the current study develops a three‐dimensional financial inclusion index for 25 major Indian states from 2011 to 2016 to assess the status of financial inclusion across Indian states. The impact of financial inclusion promoted through the PMJDY scheme on the economic performance of the Indian states is investigated using bootstrap corrected fixed effects estimation and inference in the dynamic panel. The study's finding suggests that most Indian states fall under the low or medium level of financial inclusion. The dynamic panel results reveal a positive and significant association between financial inclusion and economic growth across Indian states. Further, results show PMJDY scheme marginally improved the pace of economic growth but failed to improve the overall economic prosperity level across states. Poor usage of financial services and a rise in the number of dormant accounts after the PMJDY scheme's launch are the significant limitations of the PMJDY scheme's failure.
- Is Part Of:
- Economic notes. Volume 50:Number 3(2021)
- Journal:
- Economic notes
- Issue:
- Volume 50:Number 3(2021)
- Issue Display:
- Volume 50, Issue 3 (2021)
- Year:
- 2021
- Volume:
- 50
- Issue:
- 3
- Issue Sort Value:
- 2021-0050-0003-0000
- Page Start:
- n/a
- Page End:
- n/a
- Publication Date:
- 2021-06-03
- Subjects:
- dynamic panel -- economic growth -- financial inclusion -- PMJDY scheme
Economics -- Periodicals
330.9 - Journal URLs:
- http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1468-0300 ↗
http://onlinelibrary.wiley.com/ ↗ - DOI:
- 10.1111/ecno.12186 ↗
- Languages:
- English
- ISSNs:
- 0391-5026
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 3653.932000
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 20444.xml