Refresh the approach to growth, equity

Agricultural credit continues to be subsidised through an interest subvention scheme instead of converting these subsidies into cash transfers to farmers

The Reserve Bank of India’s (RBI’s) Committee on Comprehensive Access to Financial Services (2013) had set modest targets. Ten years on, considerable progress has been made on the payments front, but on other targets, there has been limited progress. These include access to credit (minimum 50 per cent credit-to-district-GDP); savings and investment products with reasonable returns (65 per cent); and insurance and risk management instruments (80 per cent).
 
At 50 per cent, the overall credit-to-GDP ratio remains unchanged from 2013; in China and Thailand, it has reached 180 per cent and 160 per cent, respectively. Not only is this