Things are changing on the ground. Once predominantly agrarian, the rural economy is getting increasingly more diversified, with the non-agricultural sector contributing to about two-thirds of household incomes.
Additionally, those living in rural India are no longer as isolated from their urban counterparts as before, thanks to improved internet access. There is a whole generation of mobile-first rural Indians who have leapfrogged generations of technologies to the mobile phone.
The combination of youth, connectedness, education and multiple income generation opportunities is leading to a surge in rural aspirations, and manifesting itself in new consumption choices. Physical and digital connectivity, however, continue to remain constraints.
The government and regulatory bodies have rolled out several policy and financial initiatives aimed at inclusive rural growth. Aadhaar, a unique biometric identifier, zero balance Jan Dhan savings bank accounts, direct transfer of social benefit payments, and the digital payment infrastructure BHIM are just some of them. Click on the link to continue reading the article.