Financial Inclusion and Social Inclusion in India: A Theoretical Exploration of their Interrelationship

Author(s)	Ms. Mahafreen Marzban Patel, Dr. Ranjan Sabhaya, Dr. Pooja Patel
Country	India
Abstract	Inclusive development has become an important issue in today’s development discussions, especially in developing countries like India. While financial inclusion and social inclusion are widely acknowledged as key to promoting fair growth, they are often studied separately in academic literature and policy discussions. This separation risks ignoring the complex relationship between access to financial services and broader social participation. This paper explores the connection between financial inclusion and social inclusion, focusing on India. Using the Capability Approach, Social Exclusion Theory, and Institutional Theory, the study views financial and social inclusion as connected processes instead of separate policy goals. A framework is created to show the two-way relationship between financial and social inclusion and to highlight important factors that influence this connection. By redefining inclusion as a relational and institutional process, this paper adds to the literature on inclusive development and suggests directions for future research and integrated policy development.
Published In	Volume 8, Issue 1, January-February 2026
Published On	2026-02-15
DOI	https://doi.org/10.36948/ijfmr.2026.v08i01.68888

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International Journal For Multidisciplinary Research