Mathur Ritika Passi

making available basic banking services
facilities. While the focus of targets 8.3
and 8.10 on opening bank accounts and
providing access is much needed, the Indian
government must go beyond this first step
and offer heterogeneous financial services
as part of its financial inclusion strategy. 27
One way of achieving this is by developing
a diverse range of financial instruments
that cater to specific needs of low income
households. 28 A second way is by increasing
the coverage of those insured. Low income
households need safety nets to prepare
them for unexpected events, such as sudden
loss of the earning members or crop
damage. 29 While the National Mission on
Financial Inclusion addresses this concern
by providing insurance for life and accident,
its scope is limited and more needs to be
done on this count.
growth must also accrue to women.
According to the World Economic Forum’s
Gender Gap Report, India’s rank in 2014
stood at 134 (out of 142 countries) in the
category of Economic Participation and
Opportunity. With women accounting for
48% of the population, it is unlikely the
country will fully reap the benefits of its
economic potential if this demographic
continues to be marginalised.
Ultimately, the success of the post-2015
development agenda will be determined
by India’s ability to attain a high growth
path for the next decade and a half, just as
the success of the MDGs were predicated
on the economic growth of China. This
reality is important not just for Indian
policymakers, but also their international
counterparts.
Navigating the Way Forward
The targets and indicators of SDG 8 are
highly convoluted in nature—not only do
they overlap with other goals, but there is
significant overlap within Goal 8 itself. It
is for this reason that this chapter focuses
on specific thematic areas pertaining to
one of the factors of production, labour,
and streamlines the various policy agendas
into broad headings of employment and
labour laws, skill development and financial
inclusion.
For the Indian government to achieve
sustained and inclusive economic
growth, and provide its ever-growing
workforce productive employment, it must
acknowledge the certain characteristics that
are unique to the Indian economy. First, the
Indian growth story must be driven through
its various federal states. New Delhi must
take a backseat and give way to state
capitals when it comes to policymaking
and policy implementation, as each state is
unique and requires specific state solutions.
Second, India has a range of socioeconomic
groups, such as religious
minorities and backward castes, which are
vulnerable to being left out of this growth
story. High growth rates, which are not
sensitive to this characteristic, can further
exacerbate already existing inequities.
One such socio-economic grouping needs
particular focus—the benefits of economic
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