Despite India's advanced digital payment infrastructure, millions of small businesses continue to struggle for formal financial access. A recent report indicates that only 14% of Micro, Small, and Medium Enterprises (MSMEs) currently access institutional credit. This significant credit gap, which could exceed Rs 50 lakh crore, is a major impediment to economic growth. While financial account ownership is widespread, formal credit access and insurance penetration in India remain below global averages. This highlights critical inclusion gaps that necessitate policy reforms to foster broader economic participation and resilience among small businesses.
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