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How far is productivity relevant in explaining financial inclusion across the states of India? An empirical investigation

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  • Shantanu Ghosh
  • Tarak Nath Sahu

Abstract

The article exhibits inter-state evidence that an increase in productivity can promote financial inclusion, using data on 27 states and five union territories of India over the period 2002-2019. After controlling the effects of population, inflation and expenditure by governments on health and education; the study reports a contemporaneous association along with a unidirectional positive impact of productivity on per capita savings account. Applying the panel data econometrics aligned with some post-analytical checks for robustness, the study finds a significant impact of per capita net state domestic product on holding of per capita savings accounts. Propositions by Robinson and Lucas across the Indian provinces might be correct.

Suggested Citation

  • Shantanu Ghosh & Tarak Nath Sahu, 2022. "How far is productivity relevant in explaining financial inclusion across the states of India? An empirical investigation," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 26(4), pages 417-435.
    • Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:417-435
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