Financial Inclusion in the Industrial Cluster

Abstract

The Government of India and the concerned state governments are implementing plenty of programmes and schemes for achieving the Sustainable Development Goals (SDGs) on entrepreneurship. Out of the 17 SDGs, goal 8 relates to Decent Work and Economic Growth including Financial Inclusion and goal 9 relates to Industry, Innovation, and Infrastructure. The objective of this paper is to study the business analytics of financial inclusion in industrial clusters in Tamil Nadu and their relevance to sustainable development goals. Several analyses such as diagnostic analysis, descriptive analysis, inferential analysis, predictive analysis, prescriptive analysis, and decision analytics were performed. The methodology adopted by the researcher is to develop a model by collecting primary data, such as, input variables like grants from the Government of India, grants from the state government of Tamil Nadu, special purpose vehicle (SPV) / entrepreneur contribution, and bank loans and output variables like project cost, from various departments and corporations of the Government of Tamil Nadu and secondary data from other government websites. The data was analyzed through percentage analysis, descriptive analysis, correlation analysis, regression analysis, and structural equation modelling. Financial inclusion in industrial clusters is the need of the hour, which is already underway, in the form of grants from the Government of India and Tamil Nadu, Cluster Development Programmes, SPV contribution and bank loans to improve productivity and reduce costs, and common facility centres in clusters.