Mukherjee asks statistical body to spur financial inclusion with research

Union finance minster Pranab Mukherjee has asked institutes like Indian Statistical Institute (ISI) to step up research in areas that would facilitate greater financial inclusion of all strata of Indian society.

With only 63 per cent of people in rural and semi-urban areas having access to basic banking facilities even 41 years after nationalisation of banks, Mukherjee who is also the chairman of the council of the institute, said the government had asked the institute if it could come up with research that could help taken banking services to people.

Mukherjee was speaking during an interface between the ISI, industry leaders and the centre-sponsored organisations held at the Baranagar campus of the ISI on yesterday. Mukherjee himself moderated the discussion.

Mukherjee pointed out that research and development was now the most important component in today's economic policy formulation, and added that in the absence of sound data and accurate analysis, it was not possible to formulate major policy initiatives.

Stressing the need for greater collaboration among research institutes and government, he pointed out that the National Disaster Management Authority, which has collected data which can be used at the time of policy formulation.

Bimak Kumar Roy, ISI director, said the institute would conduct feasibility studies of such measures and how they would impact the economy.