India's Economic Leap: From Banking Inclusivity to Global Power
Reserve Bank of India Governor Sanjay Malhotra credits the Pradhan Mantri Jan Dhan Yojana with propelling India's growth as the nation eyes becoming the world's third-largest economy. Over 55 crore accounts have been opened, aiding financial inclusion and driving development, with India now among the top five developed countries globally.
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Governor Sanjay Malhotra of the Reserve Bank of India revealed during a session at Indore that India is on the brink of becoming the world's third-largest economy. Malhotra attributed this economic boost to the Pradhan Mantri Jan Dhan Yojana.
The announcement coincides with India's impressive 7.8 percent GDP growth in the April-June quarter of the current fiscal year, making it the highest in five quarters, despite facing hefty tariffs from the United States. Speaking at the 'Santripti Shivir' financial inclusion event, Malhotra emphasized the role of the Jan Dhan Yojana, launched in collaboration with government banks, which has paved the way for development.
The scheme has opened 55 crore accounts, supporting the inclusion of individuals from diverse sectors into the financial system, thereby driving growth. The event also saw participation from State Bank of India Chairman C S Setty.
(With inputs from agencies.)
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