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Critically analyse the role of Jam Trinity in achieving financial inclusion in India.

Topic: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections.

2. Critically analyse the role of Jam Trinity in achieving financial inclusion in India. (250 words)

Reference:  Indian Express

Why the question:

The article takes an overview of the progress made by India in the financial inclusion and role played by JAM trinity in it.

Key Demand of the question:

Critically analyse the role of Jam Trinity in achieving financial inclusion in India.

Directive:

Critically analyze – When asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a fair judgment.

Structure of the answer:

Introduction:

Start with some relevant data say – India overtook China to register the highest number of countrywide digital payments. Real-time transactions crossed 25 billion, much higher than China’s 15 billion in 2020, as per the report of ACI Worldwide.

Body:

The answer body must have the following aspects covered:

Discuss first the progress made so far. The digital payment boom is indicative of a larger paradigm shift in the ease of access to financial services.

Discuss the contributing factors such as – More and more people, across all strata, are adopting digital payments as it is convenient, safe and limits exposure. It is also a result of the nudges and diligent policy and technology frameworks created by the central government in the last few years.

Then explain the significance of JAM trinity.

Conclusion:

Conclude on a positive note while pointing our challenges in the way ahead.