PM Jan Dhan Yojana (PMJDY) has made sure that the universal access to a bank account a near reality. However, the level of utilisation of such accounts is very low, which calls for promoting financial literacy in the country as well as radically reforming the financial inclusion agenda.
According to the Asia-Pacific wealth report, Japan’s richest persons have the largest wealth accumulation in the Asia-Pacific region, however, Chinese millionaires are also catching up to them. Meanwhile, Indian millionaires are adding wealth at the fastest in the region, which India can take pride in it. But the reality is that the bottom 60%, the majority of the population, owns less than 5% of the country’s wealth. This growing inequality threatens to destroy the fabric of Indian democracy.