Financial Inclusion and Quality of Life: Empirical Evidences from Indian States with Special Reference to West Bengal

Author:

Sen Avisek1ORCID,Laha Arindam2ORCID

Affiliation:

1. Kabi Jagadram Roy Government General Degree College, Mejia, Bankura, West Bengal, India.

2. Department of Commerce, The University of Burdwan, Bardhaman, West Bengal, India.

Abstract

The conceptual connection between financial inclusion and quality of life (QOL) can be realized by a two-way relationships. On the one hand, financial inclusion induces QOL, while an improvement in QOL facilitates in generating demand for financial services, on the other hand. Even though several studies seek to find out the role of finance in the well-being of the population (especially human development), this article concentrates on QOL to eliminate the financial attributes of development (as captured by income dimension in Human Development Index). In this sense, this study addresses the research gap in the existing literature by establishing the relationship between financial inclusion and QOL. Specifically, the article attempts to explain the two-way tie-up between the financial inclusion and the QOL in India in the context of Indian states, in general, and West Bengal, in particular. Canonical correlation (CC; a multivariate data analysis technique) is used to estimate the relation between the financial inclusion and QOL. Empirical results suggest that western and the southern Indian states excel in the attainment of education, health and other amenities-based indicators of QOL. The conditions of the eastern part of the country in case of financial inclusion and the QOL are not at all satisfactory. In case of West Bengal, Kolkata being the state capital is performing well in both the factors. CC results suggest a significant association between the financial inclusion and QOL across Indian states. The deposit account of financial inclusion indicator and the infant survival rate of QOL indicator are playing a pivotal role in the relationship (both the Indian states and districts of West Bengal as well). This article establishes the effectiveness of the demand following approach of financial inclusion than that of supply leading approach. As the demand-side aspect of financial inclusion is becoming more important to the policymakers, the next policy priority of financial inclusion measures could be the generation of awareness on the financial services through financial literacy. JEL Codes: G2, O15, C39

Publisher

SAGE Publications

Subject

Organizational Behavior and Human Resource Management,Industrial relations,Business and International Management

Cited by 4 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3