Question.
Financial inclusion is a critical part of the development process to achieve Social Justice. Comment.
( UPPSC, UP PCS Mains General Studies-III/GS-3 2022)
Answer.
Financial inclusion means providing affordable and accessible financial services to all individuals, regardless of their income level, social-economic status, or geographical location.
For example, Pradhan Mantri Jan Dhan Yojna was launched in 2014 by the government of India for financial inclusion, which aimed to ensure the accessibility of banking services to all people of India regardless of age, income level, sex, and socio-economic background.
Financial inclusion is a critical part of the development process to achieve Social Justice because of the following reasons-
It builds financial stability - Financial inclusion empowers all individuals to access financial resources, manage, and invest in their future. It empowers individuals to build financial stability.
It reduces inequality - Lack of access to financial services increases poverty and exclusion in society as individuals may not have the resources to invest in their future. Financial inclusion help reduce poverty, inequality, and exclusion, and help individuals to participate in the formal economy and improve their standard of living.
Help in the welfare of marginalized/weaker section groups; Marginalized/weaker sections communities include women, the rural population, disabled persons, of minorities, who need special care. Financial inclusion can help equal access and opportunities for financial services to marginalized communities. It is a critical part of social justice. For example, Jan Dhan Yojna enables women and poor people to get direct subsidies to bank accounts regarding LPG gas and other benefits from the government.
In conclusion, we can say Financial inclusion is a critical part of the development process to achieve Social Justice as it enables affordable and accessible financial services to individuals that reduce poverty and exclusion and promote equal opportunities to all, regardless of their income or socio-economic status.
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