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Understanding Financial Inclusion Through Deconstructing Human Development Approach and Capabilities Theory

Financial Inclusion is the process of enabling access to timely and adequate credit especially to the vulnerable sections of the society so as to bring them within the ambit of formal financial services. This paper attempts to understand financial inclusion within the broad spectrum of human development; how it enlarges the choices of individuals and enhances both economic and social security. The authors explore the complex relationship between financial development and human development and how they are positively correlated to each other by analyzing the historical and philosophical strands of literature. Though mainstream economics uses the standard economic model, the authors contend that a human life is incredibly rich in experience and its quality is determined not only by material arrangements but by social frameworks as well. The authors examine Capabilities Approach independently developed by Amartya Sen and Martha Nussbaum that captures the heterogeneity of development factors by using subjectivity. The paper concludes by elucidating the founding principles and theoretical justifications of Capabilities Theory and how it offers a nuanced portrayal and succeeds in comprehensive assessment and policy interventions for a development agenda towards financial inclusion.