publish a “ financial inclusion index ” ( fi index ). the index will have parameters across the three dimensions of financial inclusion viz., access, usage and quality. work on fi index is underway and the index will be published shortly by the rbi. conclusion 20. as i conclude, i would like to reiterate that financial inclusion promotes inclusive growth by way of making financial services including credit and other safety nets available to the bottom of the pyramid. lessons from the past and experiences gained during the covid - 19 pandemic clearly indicate that financial inclusion and inclusive growth reinforce financial stability. greater financial literacy and education, together with sound consumer protection mechanisms will ensure that people at the bottom of the pyramid are empowered to take informed financial decisions. this will also enable banks, nbfcs, mfis, etc. to enhance their customer base and products and diversify their balance sheet. 21. i would like to emphasise that we must continue our efforts for greater financial inclusion in pursuance of the goal of sustainable future for all. there is need for accelerated universal reach of bank accounts along with access to financial products relating to credit, investment, insurance and pension. it is the responsibility of all stakeholders to ensure that the financial ecosystem ( including the digital medium ) is inclusive and capable of effectively addressing risks like mis - selling, cyber security, data privacy and promoting trust in the financial system through appropriate financial education and awareness. these efforts have to be supported by a robust grievance redressal mechanism. i look forward to interesting ideas and thoughts emanating from this forum which would enhance the process of financial inclusion in the country. thank you. namskar.

0 - 25. 0 per cent in 2007 - 08 from the average of 29. 8 per cent over 2004 - 07. the fiscal position of the government, both central and states, is undergoing consolidation in terms of targeted reduction in fiscal deficit indicators. the improvement in the fiscal position of several states is particularly impressive, which augurs well for the sustained growth of the economy and lower inflation. the union budget for 2007 - 08 has placed the fiscal deficit at 3. 3 per cent of gdp for the year 200708, as against 3. 7 per cent in the previous year, in keeping with the spirit of the frbm act, 2003. way forward – challenges and strengths there are, undoubtedly, many challenges for the indian economy, but it is useful to focus on more urgent of these. first, the poor state of the physical infrastructure, both in terms of quantity and quality is considered by many to be the most critical hindrance for india ’ s progress. the most important issues here are regulatory framework and overall investment climate, which are being addressed by the government. second, the most complex and challenging issue relates to development of agriculture. while over 60 per cent of the workforce is dependent on agriculture, the sector accounts for barely 20 per cent of the gdp. further, the gdp growth generated from agriculture is only marginally above the rate of growth of the population, which is not adequate to ensure rapid poverty reduction. the results of recent surveys on poverty in india, however, provide grounds for some optimism in regard to accelerated reduction in absolute poverty since the reform period. third, delivery of essential public services such as education and health to large parts of our population is a major institutional challenge. it is strongly felt that education will empower the poor to participate in the growth process and the large gaps in availability of health care, in terms of minimum access to the poor, need to be filled. there are reasons to believe that these challenges will be met, with some assurance of success, on account of many inherent strengths in the indian society. i will narrate a few of these, relevant to this gathering. first, india is a country of great diversities but with incredibly harmonious co - existence of various religions, languages and a unified culture. the familiarity with multiple languages in india prepares the people to adapt better to multi - lingual environment, making it easier for them to fit into international systems very smoothly. also, a vast and growing pool of science and technology graduates and the millions