Nuts and bolts of financial inclusion | Business Line

Nuts and bolts of financial inclusion | Business Line

My response:

The curse of 21st Century India is the lopsided approach to policy formulation and planning. Damodaran has put it bluntly in his recent report in these words: “If all you have is a hammer, everything looks like a nail! Such are the concerns relating to raising economic growth that everything in the business environment seems to be a candidate for reforms.” In India, grass-root level development/progress in education and other human development indicators has not kept pace with the development in technology and import of skills for improving outreach and dissemination of information. The problem with FSLRC and now the Mor report is that they run away from Indian context and ‘cut and paste’ solutions which can be tried in India, perhaps only after another decade of ground work. In a discussion on Mor report at IIM, Bangalore, the experts put it crisply in these words: ‘Too ambitious and lacking specifics’
As hinted in the article, the FSLRC report and Mor report now, could be the starting points for further reforms and should not be perceived as 'ready to cook' packages for legislative or regulatory policy changes.

M G Warrier, Thiruvananthapuram


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