Financial Inclusion and Unemployment: Evidence from Tribals of Jharkhand

Samir Xavier Bhawnra¹ and K. B Singh²

¹Assistant Professor, Department of Commerce, St. Xavier’s College, Simdega, Ranchi University, Email: samirbhawnra@gmail.com

²Associate Professor, Department of Commerce and Financial Studies, Central University of Jharkhand, Email: kbsingh.cuj@gmail.com

ABSTRACT:

The importance of inclusive finance cannot be underestimated for development of a sustainable economy, productive employment and decent work of a country (SDG 8). To achieve economic goal, financial inclusion of amarginalized community, that is the tribal community of Jharkhand cannot be overlooked. Barriers in the form of growing unemployment among the tribal community of Jharkhand cannot be neglected to achieve the dream of universal access and usage of formal banking products and services. Therefore, the present study aims to examine the association between employment and demographic factors like income, age and gender. Further, we study how the occupation and income of an individual affect the usage of financial inclusion among the tribal community of Jharkhand. Primary data from five districts of Jharkhand, which have at least 33 percent population of tribal, have been collected through structured questionnaire. Data collected from 500 tribal respondents have been analyzed using descriptive statistics, correlation and chi-square tests. The result indicates that the first choice of occupation among the respondents (39.8%) is agriculture; followed by private job (22.2%). The study also shows that there is higher level of unemployment among the women (65.1%) than the men (34.9%); and if employed, then, most of the women respondents (57.3%) have taken up agriculture. Further, that of all the age group of the respondents, the overall unemployed is 8.6% in Jharkhand that do not earn at all. Finally, the finding shows that among the graduation and above degree there is high level of unemployment (55.81%) among the respondents.

Keywords: Barriers, Usage, Financial inclusion, Unemployment, Banking products, Jharkhand experience

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