Digital Economy and Financial Inclusion: Leveraging Technology for Sustainable Economic Growth in Viksit Bharat
Dr G. Nagoji
Associate Professor of Economics Government Degree College Chanchalguda, Hyderabad - 500024 Affiliated to Osmania University
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http://doi.org/10.37648/ijps.v21i02.022
Abstract
The vision of Viksit Bharat of India, which aims to become a developed country by 2047, is basically anchored in the utilization of digital technologies to build an inclusive society with respect to financial inclusion and sustainable economic growth. In this paper, the author explored how digital financial services can help close the economic gaps in India and speed up the process of reaching the goal of a 30-35 trillion economy. The study examines some of the major technological enablers, such as Unified Payments Interface (UPI), Pradhan Mantri Jan Dhan Yojana (PMJDY), and Aadhaar, which enable digital infrastructure. By analyzing the 2017-2025 empirical evidence, this paper shows that the Financial Inclusion Index in India has increased by 43.4-67, and digital payments have increased exponentially, reaching 83% of all transactions. The paper analyses how digital financial inclusion can be used as a driver to attain Sustainable Development Goals (SDGs), especially in poverty alleviation, gender equality, and economic empowerment. It has been analyzed that the digital economy in India currently represents 11.74 percent of the GDP and that it is expected to increase to 20 percent by 2029-30. However, significant challenges persist, including the digital divide, gender disparities, cybersecurity vulnerabilities, and the need for enhanced financial literacy. The research concludes that sustained focus on technological innovation, regulatory frameworks, infrastructure development, and inclusive policies will be essential for realizing the Viksit Bharat vision.
Keywords:
Digital economy; financial inclusion; Vikasit Bharat; sustainable development; UPI; digital payments; financial technology; inclusive growth; India
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