Abstract
The policymakers should take a series of immediate actions to address the consequences of the Covid-19 pandemic in the path of the sustainable economy by reaching to every segment of the society to return the economy on track, financial inclusion (FI) is the only way to achieve the target. The study analyzes the obstacles in the path to achieve sustainable growth, which has been partitioned into two stages; the identification of barriers and investigation. The study has divided into three diverse stages: identification of barriers, interviews with specialists from industry, and framing an ISM model. Fifteen barriers have been identified in the achievement of goals of financial inclusion with four levels in ISM designed model. Not enough money, Lack of trust, High cost, Financial Illiteracy, Gender issues, Age factor, and Terms and conditions are factors of prime importance as they have very high driving as well as dependence power. Factors like Irregular income, Distance, and Legal identity are not showing a direct impact on other variables in the system, so these three factors may overlook by decision takers. Psychological and cultural barriers and Bank charges are very important barriers to high dependent driving power. These obstacles must require proper attention.
Highlights
In the current situation of COVID-19, the globe is struggling to survive with better health and a sustainable economy
Interpretive Structural Modeling (ISM) and MICMAC are used to understand the barriers to a successful implementation of supplier development activities (SDAs) and its mutual relationships between many enablers for supplier development based on driving and the dependence power (Dalvi & Kant 2017)
ISM follows a well-designed systematic process, the steps involved in the ISM method are extracted from; Kannan and Devika (2010); Kumari and Gupta (2014); Kumar and Sharma (2018); Kumar and Shukla (2019) and are as follows: 1: Create a group of selected obstacles in the study. 2: In the step, a pairwise contextual exam is conducted among all the factors selected. 3: For a pairwise association between variables, a Structural Self-Interaction Matrix (SSIM) is developed. 4: A matrix of reachability is established, and transitivity is tested
Summary
In the current situation of COVID-19, the globe is struggling to survive with better health and a sustainable economy. As per the progress report of the Department of Financial Services, to facilitate more to the vulnerable groups’ GOI have offered many schemes like Swabhimaan (to provide adequate banking facilities); Direct Benefit Transfer for LPG –DBTL (to curb leakages in the distribution system); Rupay Card (to participate in electronic payment system); USSD Based Mobile Banking (to offer the facility of mobile banking); Pradhan Mantri Jan-DhanYojana (to universal access to banking facility with at least one basic banking account for every household) This analysis is intended to establish, in the form of barriers, the factors affecting the growth of FI. ISM and MICMAC are used to understand the barriers to a successful implementation of supplier development activities (SDAs) and its mutual relationships between many enablers for supplier development based on driving and the dependence power (Dalvi & Kant 2017).
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