India’s progress leading over other countries in financial inclusion: BCG

India's progress leading over other countries in financial inclusion: BCG

According to a report of BCG, a global consultancy firm, India has broken good records in becoming a country with its 20 crore citizens having access to financial services. This success has made way for India to top the charts as far as the issue of financial inclusion is concerned.

Boston Consulting Group (BCG) in its report named as The Private-Sector Opportunity to Improve Well-Being: The 2016 Sustainable Economic Development Assessment, stated that “India also produced strong …improvements but converted its strong growth into well-being at a rate slightly below average.” So along with this good news, there emerges one slightly worrying concern as well. Reports state that India is also one of those countries, the economic growth of which is not being efficiently converted into the improved well-being of the citizens. Meaning that, the current state of the majority of Indian citizens doesn’t reflect the positive leaps in economic growth being witnessed at higher levels.

BCG’s report also marks out the main reason behind this leading position India just acquired over the other 163 countries. The credits apparently have been given to the critical role of the private sector innovation which worked a great deal to amend and improve the financial ease of Indian citizens.

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