NEW DELHI (India CSR): The Inclusive Finance India Report 2024 was launched today at the Global Inclusive Finance Summit 2024, hosted at Hotel Ashok. The event witnessed participation from global policymakers, financial leaders, and innovators to discuss strategies for achieving equitable growth through financial inclusion. Organized by ACCESS Development Services, during the two-day event the organisation released the much-anticipated report, with key highlights presented in the Inaugural Session. The summit serves as a platform to explore India’s transformative financial inclusion journey and its impact on empowering underserved communities worldwide. Moreover, the event also witnessed the 16th Inclusive Finance Awards which recognized groundbreaking initiatives of individuals and institutions championing financial inclusion across the globe.
Some highlights from the report are as follows:
- In October 2024, UPI processed 16.58 billion transactions worth Rs 23.50 trillion, showcasing its role as a cornerstone of India’s digital payment ecosystem and financial inclusion efforts.
- Over 531.5 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), contributing to the foundation of India’s financial inclusion journey.
- Women-led Self-Help Groups (SHGs) constitute 58% of total SHGs, demonstrating the transformative role of women in driving financial empowerment.
- Climate finance initiatives such as Pay-As-You-Go solar systems and green bonds mobilized $15 billion by 2024, helping farmers build resilience and adopt sustainable practices.
- AI-driven platforms like Credit Vidyaa and SBI YONO are extending credit access to underserved populations, including farmers and gig workers, through alternative credit scoring and data analytics.
- Microfinance added 18.1 million new clients in FY 2024, resulting in a 26% growth in the loan portfolio. The total active loan accounts reached 161 million.
- MSMEs contribute 30% to India’s GDP and employ over 22.94 million people, yet face a credit gap of ₹20-25 lakh crore.
- Women-led MSMEs make up 20.5% of total registered MSMEs, but they face a $158 billion financing gap due to systemic barriers like unequal asset ownership and higher interest rates.
- Women entrepreneurs benefited significantly from schemes like Mudra Yojana, with 71% of loans directed toward female borrowers.
- DPI climbed to 445.50 in 2024, reflecting the widespread adoption of digital financial services.
Vipin Sharma, CEO of ACCESS Development Services, expressed the significance of the summit: “The Global Inclusive Finance Summit 2024 is an opportunity to not only share on India’s incredible progress but to set a vision for the future of inclusive finance. By bringing together global thought leaders and experts, we aim to chart a course that enhances financial access for all, especially those who have been historically marginalized. This event is critical as it lays the groundwork for policies and practices that can transform lives, foster economic growth, and strengthen the resilience of communities.” He added, “The launch of the Inclusive Finance India Report 2024 at the summit will be pivotal, providing in-depth insights that highlight both our achievements and the critical areas that need focused action to continue this journey of growth and inclusivity.”
The Global Inclusive Finance Summit 2024 is an influential annual event that unites global leaders and stakeholders to explore and advance financial inclusion as a vital tool for shared prosperity. This year’s summit highlighted India’s extraordinary achievements in financial inclusion over the past decade setting an example to the world regarding finance inclusion.
The Summit featured expert panels, interactive workshops, exhibitions of cutting-edge innovations, and actionable discussions that align with global sustainable development goals. With over 100 speakers and representation from all over the globe, GIFS 2024 drove meaningful impact on the global financial inclusion agenda. Discussions spanned over multiple essential topics such as leveraging digital public infrastructure for last-mile connectivity, achievements of PMJDY & beyond, safeguarding customer protection, addressing gender disparities in financial services, and enabling financing for nano-enterprises among others. With a focus on practical strategies and collaborative insights, the summit aims to empower participants to create sustainable, inclusive economic models that can be replicated globally.
(India CSR)
