Topic: Inclusive growth and issues arising from it.
1. “Digital literacy is integral for financial inclusion.” Comment in the background of India’s efforts to expand access to organized financial systems through digital payments (250 words)
Why this question:
The article emphasizes on the fact that Access to Internet must be recognized as a fundamental right to free speech, basic freedoms and the right to life. Thus the context of the question.
Key demand of the question:
Deliberate in detail as to how Digital literacy is integral for financial inclusion. Also highlight the country’s efforts in augmenting the digitization process of the economy.
Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Structure of the answer:
Explain what you understand by digital literacy.
Focus the spurt in digital infrastructure.
Explain how digital literacy is crucial for financial inclusion.
Discuss the importance of financial inclusion for the inclusive growth of the society.
The recent growth in digital banking infrastructure could foster a cultural shift in the intensity of use of electronic modes of payments and settlement. Its adoption even in the hinterlands with the active use of business correspondents is encouraging.
Discuss concerns and challenges involved if any.
Conclude with policies and measures taken by the government in this direction.