How far is productivity relevant in explaining financial inclusion across the states of India? An empirical investigation Online publication date: Tue, 07-Jun-2022
by Shantanu Ghosh; Tarak Nath Sahu
Global Business and Economics Review (GBER), Vol. 26, No. 4, 2022
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.
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