chapter  4
38 Pages

‘Financial Inclusion’ Initiatives, 2014–17

WithSuman Gupta

This chapter explores the principal moves made to realise the policy shift examined in Chapter 3. It focuses on initiatives from 2014 to 2017, including: a programme to open bank accounts for the poor (Jan Dhan Yojana), a biometric identity number scheme underpinned by a 2016 Act of Parliament (Aadhaar), and the move to replace 86% of the circulating cash in the market (demonetisation/remonetisation). The Goods and Services Tax (GST) system from 2017 is also considered briefly. These have all been intensively discussed in mass-market and scholarly publications, but not quite along the lines elaborated here. It is argued that such ‘financial inclusion’ initiatives are best understood as deriving from and working amidst a network of global-national-local interests and investments. This chapter lays out the rationale which links up and enables this network to work in a coherent manner.