Abhigyan

Rashmi Manhas ¹

Affiliations
1 Dept. of Commerce, University of Jammu, IN

Abstract

Financial inclusion is assumed to be one of the key drivers of our vision of an inclusive society and inclusive economy. India has the largest postal network in the world. It has been the backbone of the country's communication and has played a crucial role in the country's socio-economic development for many years. Postal administrations, the world over, are obliged to provide countrywide services and enjoy trust and loyalty of the customers. At the same times Indian post offices are also providing banking services to the all sections of people of the society over a decade. Indian post served Indian villagers as banker much before financial inclusion became buzzword and Indian post claims to be the pioneer of financial inclusion in India. Through this paper an attempt has been made to study the role played by Indian post in financial inclusion and the challenges before the Indian post in providing banking services to the masses.

Keywords

Indian Post, Financial Inclusion, Financial Services, Post Office Savings Bank Account, Socio-economic Development.

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Rashmi Manhas ¹, Ashutosh Kumar ²

Affiliations
1 Dept. of Management, Amity University, Gurugram, Haryana, IN
2 Professor in charge-Ph.D Prog. Area Chairperson, Marketing, Amity University, Gurugram, Haryana, IN

Abstract

Covid-19 pandemic has dealt with an exceptional shock to the global and Indian economy. The economy was already in a parlous state before Covid-19 struck. The prolonged country-wide lockdown disrupted demand & supply chains and led to a downward spiral in world economy. World trade is expected to have fallen between 13% to 32 % in 2020. Therefore, to rescue the economy, governments worldwide have announced impressive fiscal and monetary stimulus packages and brought about widespread changes in their trade and commerce policies. This paper discusses the Indian government's policies and measures during Covid-19 pandemic to overcome the national and international businesses' challenges. In response to the falling economy, the Reserve Bank of India lowered key interest rates, provided support to people regarding aid and subsidies, and implemented the SDGs. It has also revived MSMEs by introducing the 'Atmanirbhar Bharat' (self-reliant India) scheme and provided the Prime Minister's economic relief and stimulus package to combat the challenges imposed by Covid-19

Keywords

ovid-19, Pandemic,economic Crisis, Government Policies, MSMEs, Businesses.

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