In which of the Five Year Plans in India, the concept of financial inclusion was included for the first time?

The correct answer is 11th

Key Points

• The concept of financial inclusion was introduced for the first time in India in the 11th Five Year Plan (2007-2012).
• The plan aimed to achieve inclusive growth by ensuring access to financial services for all sections of society, especially the marginalized and low-income groups.
• Financial inclusion involves providing affordable financial products and services, such as savings accounts, credit, insurance, and remittance facilities, to the underprivileged.
• It emphasized the role of banks, microfinance institutions, and technology in extending financial services to rural and unbanked areas.

Important Points

• The 11th Five Year Plan was guided by the vision of faster and more inclusive growth.
• It introduced several innovative schemes and initiatives to alleviate poverty and promote equitable development.
• Financial inclusion was considered a critical element for achieving socio-economic development and reducing inequality.

Additional Information

• 8th Five Year Plan: (1992-1997) The focus of this plan was on modernization, self-reliance, and human resource development. It aimed to improve the quality of life for Indian citizens but did not explicitly address financial inclusion.
• 9th Five Year Plan: (1997-2002) This plan emphasized "Growth with Social Justice and Equality" and aimed to reduce poverty and regional imbalances. However, financial inclusion as a concept was not formally introduced.
• 10th Five Year Plan: (2002-2007) The focus of this plan was on achieving 8% GDP growth and reducing poverty by creating employment opportunities. Financial inclusion was not a key focus area during this period.
• 11th Five Year Plan: (2007-2012) This was the first plan to formally introduce financial inclusion as a policy goal, aiming to ensure that marginalized communities had access to financial services.