Common Futures

Empowerment
and sustainable in the long term. Both India and African countries have made
great strides towards this, even though some challenges remain across each of
these factors.
India and Africa have already been involved in knowledge exchange conferences
and workshops, such as the India-Africa Economic Cooperation Fund and
the India-Africa Summit held every three years since 2008. In India, as well
as in many African countries, for instance, policies and strategies for financial
inclusion are cognizant of the need to incorporate financial literacy and
education. As a result, numerous best practice case studies can be aggregated
to inform countries that are considering their own approaches to facilitating
financial inclusion. By the same measure, there are numerous lessons to be
learnt from previous shortcomings of financial inclusion efforts, such as
those identified in microfinance models in both India and Africa. With the
recent adoption of the Sustainable Development Goals (SDGs) as a global
development blueprint, financial inclusion is considered an important enabler.
Increased knowledge exchange between India and Africa will therefore go a
long way in facilitating faster learning towards achieving the SDGs.
In conclusion, while India and Africa are diverse regions with varied socioeconomic
contexts, financial inclusion towards inclusive economic growth is
a common opportunity and challenge. The two regions are home to some of
the fastest growing economies in the world, and massive rural populations.
Opportunities and challenges in ensuring this growth is inclusive, and does
not create greater economic inequalities, will greatly rely on knowledge
exchange, South-South cooperation, and where applicable, collaboration.
37