What is the significance of the Pradhan Mantri Jan Dhan Yojana in promoting incl
Practice Questions
Q1
What is the significance of the Pradhan Mantri Jan Dhan Yojana in promoting inclusive growth?
It increases tax revenue
It provides direct cash transfers
It aims to provide banking access to all
It focuses on industrial development
Questions & Step-by-Step Solutions
What is the significance of the Pradhan Mantri Jan Dhan Yojana in promoting inclusive growth?
Step 1: Understand what Pradhan Mantri Jan Dhan Yojana (PMJDY) is. It is a government scheme in India that aims to provide banking services to everyone, especially those who are unbanked.
Step 2: Recognize the importance of banking access. Having a bank account allows people to save money, receive payments, and access loans.
Step 3: Learn about financial inclusion. This means making sure everyone has access to financial services, which helps people manage their money better.
Step 4: Connect financial inclusion to inclusive growth. When more people have access to banking, they can participate in the economy, leading to overall economic growth that benefits everyone.
Step 5: Conclude that PMJDY is significant because it helps bring more people into the financial system, promoting equal opportunities and reducing poverty.
