1、TMMarch 2025Financial health:Transcending from access to impactForeword by ASSOCHAMIn the recent years,India has witnessed significant change in financial inclusion,due to the introduction and widespread adoption of initiatives such as Pradhan Mantri Jan-Dhan Yojana(PMJDY)and Jan-Dhan,Aadhaar and Mo

2、bile(JAM)Trinity for increased access to formal banking services,Aadhaar for biometric identification and digital direct benefit transfers.It is important to note that financial inclusivity should not only focus on poverty reduction but also empower individuals to stabilise their future and effectiv

3、ely prepare for any financial risks.The end objective of financial inclusion should always be to drive sustainable prosperity and economic growth.A large number of retail investors in India are increasingly diversifying into equities,mutual funds and alternative assets such as real estate investment

4、 trusts(REITs),gold exchange traded funds(ETFs)and alternate investment funds(AIFs).This evolution of Indias capital market has resulted in enhanced market liquidity and helped bring down the reliance of retail investors on traditional savings instruments such as gold and real estate.New-age FinTech

5、 companies in India have also been playing a crucial role in expanding the access to financial services through digital wallets and other innovative payment solutions.By providing such customised products for certain target groups,these companies are helping in closing some key gaps in our financial

6、 ecosystem.The Governments role in driving access to financial services cannot be discounted.In addition to the current initiatives,facilitating the best-fit funding for small businesses and driving impactful financial inclusion schemes would drive further economic welfare.With this background,ASSOC