Concept Note 2024

Prime Minister Modi launched ‘Viksit Bharat @2047: Voice of Youth’ on 11 December 2023 while addressing the Vice Chancellors of universities, heads of institutes, and faculty members across the country to mark the beginning of this initiative. The subject triggered a countrywide debate; some thought that it was an unrealistic goal, while others thought that it was visionary and achievable. “Youth power is both the agent of change and the beneficiary in the Viksit Bharat Mission,” said the Prime Minister. Imperatives for this ambitious goal were identified by the government, and these included rapid economic growth and infrastructure development- physical, social, and digital; improvements in transportation, energy, and digital connectivity, enhancing the quality of education, expanding vocational training and skills, access to affordable quality
healthcare, and social security systems. The new government, in its first budget for 2024–25, made allocations in nine priority areas to provide impetus for development, viz. productivity in the agriculture sector, employment and skill development, inclusive priority and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation and research, and next generation reforms. Financial literacy and financial inclusion are closely linked to the development of the country and its goal to achieve developed nation status. Financial literacy equips individuals with knowledge and skills to make informed financial decisions, manage personal finances effectively, and understand the broader financial system. This, in turn, enhances their ability to participate in economic activities, access credit, and invest in growth opportunities. Financial inclusion is essential so that all segments of society, including the marginalized and underserved communities, have access to essential financial services such as banking, insurance, and investment products. Financial inclusion fosters economic participation, boosts savings, and enables investments in education and health, contributing to overall economic growth and development. Together, financial literacy and inclusion create a more equitable and robust economy, driving sustainable development and progress towards a developed nation status. Thus, financial literacy at all levels of society and financial inclusion of all sections, especially the marginalized, are important components of the development process and will hasten the
achievement of India’s goals of achieving a 5 trillion-dollar economy and a Viksit Bharat by 2047.

Objectives

The objective of the conclave is to share ideas on some of the vital aspects of Viksit Bharat @2047 with the stakeholders viz. policy makers/regulators, corporate bodies, philanthropists, government officers and experts from other countries on scaling financial literacy and inclusion in different fields to boost India’s capacity to meet its developmental goals by 2047. The deliberations will be through panel discussions in different sessions and presentations by eminent speakers.