Management Journal for Advanced Research

1. Introduction

Financial inclusion is a critical component of economic development, recognized globally as a key factor in alleviating poverty and promoting shared prosperity (Dikshit & Pandey, 2021). The concept of financial inclusion extends beyond mere access to financial services, encompassing the effective and responsible use of a wide range of financial products and services that meet the needs of individuals and businesses (Dikshit & Pandey, 2021). In India, the pursuit of financial inclusion has gained significant momentum over the past few decades, driven by concerted efforts from the government, regulatory bodies, and financial institutions (Chithra & Selvam, 2013). Financial Inclusion is an important factor in the development and well-being of society (Dikshit & Pandey, 2021). An efficient financial system is necessary for socioeconomic growth because it mobilizes savings and allocates them to productive investments (Dikshit & Pandey, 2021). Over the years, a multi-pronged approach has been adopted, incorporating policy initiatives, technological innovations, and awareness campaigns to bring the unbanked and underbanked segments of the population into the formal financial system (Mathew & Kurian, 2017).

Several government schemes have played a pivotal role in advancing the cause of financial inclusion in India. The Pradhan Mantri Jan Dhan Yojana is a flagship scheme that aims to provide universal access to banking facilities. The scheme has been instrumental in bringing millions of previously unbanked individuals into the formal financial system, promoting savings habits, and facilitating direct benefit transfers. (Kurussiveettil & Karuppanagounder, 2024; Johnson, 2024) The banking Industry in India has recognized this imperative and has undergone certain fundamental changes over the last two decades. The Pradhan Mantri Mudra Yojana focuses on providing financial assistance to micro and small enterprises, enabling them to access credit for business expansion and income generation. (Salasty et al., 2024; Kumar, 2023) The Atal Pension Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana aim to provide affordable insurance and pension products, catering to the needs of the unorganized sector and vulnerable populations. (Rajasekhar et al., 2016; Vidyashree & Rathod, 2015).

Other notable schemes, such as the Atal Pension Yojana, Mahatma Gandhi National Rural Employment Guarantee Scheme, and Aadhaar Enabled Payment System, have contributed to different aspects of financial inclusion, including old-age income security, rural financial access, and secure digital transactions (Kumar & Jeyaprabha, 2022).

Bibliometric analyses play a crucial role in understanding the evolving landscape of financial inclusion. These studies analyze publication trends, research gaps, and the impact of policies and interventions, which can inform policy decisions, refine strategies, and contribute to achieving genuine and sustainable financial inclusion for all (Gálvez‐Sánchez et al., 2021). Bibliometric analyses encompass a range of techniques, such as citation analysis, co-citation analysis, and network analysis, that provide insights into the structure, dynamics, and impact of research in the field of financial inclusion (Thomas & Subhashree, 2020). This continuous evaluation and adaptation of research methods and findings are essential for maximizing the positive impacts of financial inclusion initiatives and ensuring that they truly contribute to socio-economic development.

Research Questions

1. What are the dominant themes and topics in the literature on Financial Inclusion and government schemes?
2. Who are the key authors and institutions contributing to the literature on financial inclusion and government schemes?
3. What are the most cited articles and publications in the literature on financial inclusion and government schemes?
4. How has the literature on financial inclusion and government schemes evolved?
5. Gaps and limitations in existing literature?

Objectives of the Study

1. To Classify dominant themes and research areas in financial inclusion literature.
2. To Identify key authors and institutions contributing to the field.
3. To evaluate the most cited publications and their impact on policy.
4. o Analyze the evolution of literature over time.
5. To find the gaps and limitations in existing research to propose future directions.

The year 2025 was excluded from the study purposely as it is the beginning of the year and to ensure that the complete and comprehensive literature should be included up to the year 2024 for the analysis.

Initial Data Statistics

The initial data collection yielded a substantial number of documents across the three key areas of interest. Utilizing targeted search strings within the Scopus database, the researcher identified only 92 documents that are related to FI and GS in India.

4. Results and Discussions

The analysis is performed in two different ways: statistical analysis of database and network analysis.

Statistical Analysis of the Database

A. Documents Analysis by Year

Table 4.1 shows the publications of the recent 13 years which shows that the publication for the variables FI and GS were at peak in the year 2024 but before 2016 only one or two documents were published.

Table 4.1: Publications in the last 13 years

Source: Scopus

Figure 4.1: Publication trends by year
Source: Scopus

Figure 4.2: Analysis of document by country
Source: Scopus

The bar chart in Figure 4.2 provides an analysis of documents based on country contributions to the research topic there is a Dominance of India in Research in about 90% of Documents, this aligns with the study. This highlights a significant scholarly interest in government policies, financial inclusion programs, and digital banking reforms in India. This also provides an insight that countries like the UK, US, Bahrain, Canada, and others have minimal research presence in the dataset. These documents may focus on comparative financial inclusion policies, global perspectives on government schemes, or case studies on financial technology. The low representation suggests that financial inclusion in India is a country-specific policy-driven topic rather than a global comparative research theme.

C. Documents by Subject Area

Table 4.3 represents the total no. of publications according to various subjects. It shows most of the documents are published under the subjects Economics, Econometrics, and Finance with both the variables FI and GS with 51 documents.

Table 4.3: Analysis of Documents by Subject Area

Source: Scopus

The mathematics category likely includes quantitative finance, risk assessment models, and complex statistical methods applied to economic problems. The presence of agricultural and other minor subject areas indicates research related to rural finance, agricultural credit policies, and niche market analyses.

D. Documents by Type

Table 4.4 shows the analysis of the document by type which provides the insight that documents are published mostly in peer-reviewed articles with 67 documents and then contributed in book chapters. Third comes a conference paper with nine published documents. Only two books are published followed by a review document with a count of only one.

Table 4.4: Analysis of Document by Type

Source: Scopus

The donut chart figure 4.4 presents a breakdown of research documents categorized by type, focusing on financial inclusion and government schemes The majority of the documents that is 72.8% are journal articles, which suggests that financial inclusion and government schemes are primarily discussed in peer-reviewed academic literature. These articles often include empirical studies, policy evaluations, and theoretical discussions. Key themes likely covered include the impact of government initiatives on banking accessibility, microfinance, digital payments, and rural credit systems. 14.1% is the Book chapters which contributes a substantial portion, highlighting that financial inclusion is part of larger policy discussions in edited volumes. These could be thematic studies within economic policy books, detailing various financial literacy programs, case studies of banking reforms, or comparative analyses of government interventions. The presence of conference papers with 9.8% suggests ongoing and evolving research on financial inclusion. These papers often present preliminary findings, innovative policy solutions, and debates on banking penetration, digital finance, and government subsidies. It reflects that financial inclusion is an active research area being discussed in academic and professional forums.

Other Major Contributors include Ambarkhane, D., Bhatnagar, M., Bhawnra, S.X., Bhuyan, M., Dash, A., Kumar, L.K., Maity, S., Mohanty, J., Rastogi, S., Sahu, T.N., Singh, A.S., Singh, K.B., Singh, V.K., and Venkataramani, B., have an equal number of two documents each, suggesting a balanced contribution across multiple researchers.

Figure 4.5: Analysis of Documents by author
Source: Scopus

The distribution of publications indicates that while Ghosh, S. is the leading contributor, the rest of the authors have contributed similarly, indicating a collaborative research environment.

F. Document Analysis by Sources

Table 4.6 displays the analysis of documents by sources where more than one articles are published. Shows that the Indian Journal is the leading source with a total number of eight published articles.

Table 4.6: Analysis of Documents by Sources

Source: Scopus

This bar chart figure 4.6 represents the number of research documents published on financial inclusion by various academic institutions and research organizations. The top institutions (Management Development Institute, Symbiosis International, Christ University) have contributed equally, with four documents each. This suggests a diversified research effort, rather than concentration in a single institution. All institutions listed are from India, highlighting India’s strong research focus on financial inclusion. Key contributors include Amity University, KIIT, BIT Pilani, and Punjabi University, which are known for interdisciplinary research. There are some foreign universities present in the dataset among the top 15 universities.

Figure 4.6: Analysis of Documents by Affiliations
Source: Scopus

Since there is a gap in international collaboration, which could limit diverse perspectives on financial inclusion. At the same, the keywords used are inclusive of India which is why most Indian universities are active in researching the government schemes with the Indian perspective. It can also be observed that while business schools and social science departments are active, technical institutions (IITs, NITs) and policy research centers (NITI Aayog, RBI research wing) seem underrepresented.

H. Analysis by Funding Sponsors

The table shows the funding sponsor for the related field of study with a maximum no. of study has been sponsored by ICSSR, then with only one study sponsored by Bill and Melinda Gates Foundation, Indian Institute of Technology Kharagpur, Ministry of Education, India, University of Manchester and World Bank Group.

Network Analysis/ Science Mapping

A. Co-occurrence Analysis in Terms of Keywords

Figure 4.8 shows that the most frequent terms in FI and GS research were mapped based on a minimum occurrence of five, identifying 10 terms out of 417 keywords. These terms are distributed across five clusters, representing five key research themes. The keyword ‘financial inclusion’ had the highest occurrence, appearing 53 times with a total link strength of 59. This was followed by ‘PMJDY,’ which appeared 19 times with a total link strength of 32, and ‘India,’ which occurred 16 times with a total link strength of 24.

Figure 4.8: Co-occurrence Analysis in terms of keywords

The largest node in the network is Financial Inclusion, meaning it is the most frequently occurring keyword in your dataset since it is the main theme of the study and is the core concept. The color gradient (blue to yellow) represents the average publication year of studies related to each keyword. Financial services and India means financial services and inclusion in India were the older topics. Financial literacy, finance, and financial inclusions are the recent topics. There is also a growing interest in banking and technology which suggests that there is a newer research direction, showing that the role of digital finance and fintech are increasing.

Naturally, the strongest co-occurrence link is between financial inclusion and PMJDY, it is the prominent government scheme that has been studied so far, other government schemes introduced to increase FI do not appear strongly, and this indicates a research gap. Recent research suggests that the link between finance and financial literacy suggests that financial knowledge is being studied as a key driver of inclusion.

Policy frameworks for financial inclusion and Determinants of financial outreach and banking access were studied by the authors Kendall J., Mylenko N., Ponce A., Zins A., Weill L.

Arun T., Kamath R., Pande R., and Ghosh S. are the authors whose studies were focused on Microfinance models and financial outreach in rural economies, and the effectiveness of rural banking policies are represented in yellow clusters.

B.2 Bibliographic Coupling Analysis (Document)

Figure 4.10 tracks the evolution of research over time with the help of bibliographic coupling analysis. Here, the maximum no. of citations was five as per the requirement of 94 documents. The total no. of documents was 25 with seven clusters and 58 links, total link strength was observed as 81.

Figure 4.10: Bibliographic Coupling Analysis

The Most Influential Paper is "Barik (2019)" as it is the most frequently co-cited paper that acts as a foundational work in this research domain. Barik, 2019 represents a foundational theory or framework in this research area. Chakrabarty, 2022 possibly represents the extension or critique of the former author by inculcating a new perspective on the field. The studies done by Singh, 2021a, and Tripathi, 2016 indicate a different study with common research themes but not directly influenced by Barik (2019). Markose, 2022; and Singh, 2021c are the most recent works building on multiple influences. The papers by Singh, Patnaik, and Dogra, 2023 suggest newer developments or extensions of prior work. Singh, 2024 and Markose, 2022 indicate the very recent contributions that are gaining attraction.

The findings suggest that financial inclusion has emerged as a critical policy tool for promoting inclusive growth and poverty alleviation, especially in developing economies like India. The literature predominantly focuses on government-led initiatives, such as Pradhan Mantri Jan Dhan Yojana (PMJDY), Direct Benefit Transfer (DBT), Microfinance Programs, and Digital Payment Systems, which have significantly contributed to enhancing financial access for the unbanked population.

The analysis indicates a growing interest in areas like digital financial services, financial literacy, rural banking infrastructure, and the role of Fintech in promoting financial inclusion. Moreover, the contribution of Indian researchers and institutions, such as the Reserve Bank of India (RBI), NITI Aayog, and Indian Institutes of Management (IIMs), has been prominent in shaping the discourse on financial inclusion.

The evolutionary analysis shows a consistent rise in research output, especially after the launch of major financial inclusion schemes in India post-2014, the exponential growth in research from 2015 to 2024 could be seen which highlights India’s policy-driven financial inclusion transformation.

However, the study also identifies certain research gaps and limitations, particularly in the areas of financial literacy, the role of technology in rural financial access, and the socio-economic impact of government schemes on marginalized communities. The long-term sustainability of financial inclusion programs and the challenges related to the digital divide and cybersecurity risks are underexplored in the existing literature and there is a need to adequately address it.

Key Contributions of the Study:

• Mapping the intellectual structure of financial inclusion research.
• Identifying influential authors, institutions, and high-impact publications.
• Highlighting the evolution of research over time and the influence of policy interventions.
• Identifying research gaps and suggesting future research directions.

Future Research Directions:

• Assessing the impact of digital financial inclusion on rural households.
• Exploring the role of women-centric

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6. Johnson, M. (2024). Empowering financial inclusion: The crucial role of public sector banks in implementing Pradhan Mantri Jan-Dhan Yojana (PMJDY). International Journal for Research in Applied Science and Engineering Technology. https://doi.org/10.22214/ijraset.2024.60726.

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9. Kurussiveettil, R., & Karuppanagounder, K. (2024). Financial inclusion revolution in India: A decade of progress with PMJDY empowering millions. Journal of International Business and Economics. https://doi.org/10.51240/jibe.2023.2.4

10. Mathew, J., & Kurian, R. (2017). India’s policies on leveraging financial inclusion in the country. The Journal of Developing Areas, 51(4), 433–443.

11. Rajasekhar, D., Kesavan, S., & Manjula, R. (2016). Contributory pension schemes for the poor: Issues and ways forward. Research Papers in Economics. https://ideas.repec.org/p/ess/wpaper/id12097.html.

12. Salasty, J. J., Kanagavalli, G., & Arumugam, U. (2024). Deciphering Mudra Yojana awareness: Trends and insights. Shanlax International Journal of Arts, Science and Humanities, 11(S1), 200–207. https://doi.org/10.34293/sijash.v11is1.7746.

13. Shankar Kumar, S., & Jeyaprabha, B. (2022). Effectiveness of financial inclusion and rural upliftment: Empirical evidence from Tamil Nadu.

14. T, G., & Ganesan, P. (2023). Impact of financial education and literacy on investment behaviour. International Journal for Science Technology and Engineering, 11(11), 2668–2687. https://doi.org/10.22214/ijraset.2023.56808.