The Indian economy has over 84% of workers in the informal sector, with minimal access to upward mobility, growth opportunities, and social security.
Conventionally, due to several methods of lending and borrowing in the Indian ecosystem that did not relate to banking as we know today, a large population has stayed unbanked and excluded from the formal system leading to a big pause in economic growth at the bottom of the progress pyramid. This is primarily why 190 million of the adult working population in India is not linked to any formal banking system, is financially illiterate and does not understand the concept of formal lending.
GoodWeave India has been working tirelessly to mitigate this cardinal issue with the informally working population in its intervention areas with a visible impact. After 241 workshops till date on financial literacy with worker communities in Rajasthan and Haryana, today 3,500 workers, a number which is only going to rise, are now connected to the formal banking system with new Jan Dhan Accounts and are also aware how to protect themselves from financial frauds.
These workshops are being conducted as part of GoodWeave’s WorkersJoint Program which is designed to enable the upward mobility of workers in the informal sector in India, in this case, highlighting financial literacy to promote financial inclusion.