Financial Health
Social Justice & Development
- PYQs3
- Articles1
Background
Directly addresses inclusive growth, poverty alleviation, social security, and economic stability. It's a holistic framework for assessing and improving the financial well-being of citizens, which is critical for national development and achieving targets like Viksit Bharat 2047.
Financial health refers to the state where individuals and households have the right financial policies, products, and services to effectively manage day-to-day expenses, build resilience against unexpected shocks, invest and save for short-term and long-term goals, and maintain confidence in their financial future. It extends beyond mere access to financial services to encompass actual financial well-being and security.
Facts & tables
- Scope
- Goes beyond basic financial inclusion (e.g., bank account ownership) to include savings, investments, insurance, and responsible credit.
- Economic Impact
- Crucial for individual, household, and national economic resilience and sustainable growth.
- National Goal Alignment
- Aligned with India's 'Viksit Bharat 2047' goal of moving from 'welfare to wealth creation'.
- Approach
- Requires a comprehensive approach involving government policies, digital infrastructure, and private sector innovation.
| Type | Reference |
|---|---|
| Conceptual area | Indian Economy |
| Body | Role |
|---|---|
| Reserve Bank of India | Regulates and promotes financial stability |
| Government of India | Formulates policies and implements schemes |
Prelims angle
Prelims angle: Multi-statement analysis
Prelims angle: Factual recall
- Holistic financial well-being (manage, save, invest, insure).
- Beyond basic access; focuses on resilience & future.
- Key for inclusive growth & Viksit Bharat 2047.
- Leverages DPI and integrated welfare schemes.
- Requires public-private collaboration.
| Year | Framing tags |
|---|---|
| 2026 | Multi-statement analysis, Factual recall |
| 2022 | Multi-statement analysis, Factual recall |
| 2017 | Purpose or function of a policy tool, Factual recall |
Timeline
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Indian Economy
Conceptual area
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Prelims 2017
Purpose or function of a policy tool, Factual recall
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Prelims 2022
Multi-statement analysis, Factual recall
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Prelims 2026
Multi-statement analysis, Factual recall
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A future of financial health for every Indian
Financial health is a holistic concept of financial well-being, encompassing managing daily expenses, building resilience, saving, and investing. It's vital for inclusive growth and India's 'welfare to wealth creation' vision, leveraging digital infrastructure and policy integration.
See also
Past papers
In the news
A future of financial health for every Indian
Financial health is a holistic concept of financial well-being, encompassing managing daily expenses, building resilience, saving, and investing. It's vital for inclusive growth and India's 'welfare to wealth creation' vision, leveraging digital infrastructure and policy integration.
Try these PYQs
Which of the following statements with regard to the persons with disabilities in India is/are correct ?
1. The Rights of Persons with Disabilities Act, an Act passed by the Parliament of India in 2018, mandates reservation in education and employment, places a legal duty on Governments to ensure accessibility and non-discrimination.
2. The Sugamya Bharat Abhiyan focuses on achieving universal accessibility for Persons with Disabilities across three key domains — built infrastructure, transport systems and information and communication technology.
3. The National Divyangjan Finance and Development Corporation (NDFDC) is a public sector organisation set up by the Ministry of Corporate Affairs as a not-for-profit company to promote entrepreneurship among Persons with Disabilities (PwDs).
Select the answer using the code given below :
Statement 1 is Incorrect: The Rights of Persons with Disabilities (RPwD) Act was passed by the Parliament of India in 2016, not 2018. It aligns with the UN Convention on the Rights of Persons with Disabilities and places a legal obligation on governments to ensure non-discrimination and accessibility. It also mandates reservations for PwDs, such as increasing the quota to 4% in government employment and 5% in higher education. Statement 2 is Correct: The Sugamya Bharat Abhiyan (Accessible India Campaign) was launched in 2015 by the Department of Empowerment of Persons with Disabilities (DEPwD). It focuses on achieving universal accessibility for Persons with Disabilities across three key domains: built infrastructure (barrier-free public buildings), transport systems (accessible railways, airports, and roads), and information and communication technology (accessible government websites and digital ecosystems). Statement 3 is Incorrect: The National Divyangjan Finance and Development Corporation (NDFDC) is a Central Public Sector Undertaking registered as a not-for-profit company to provide concessional financial assistance to promote entrepreneurship, self-employment, and higher education among PwDs. However, it was set up under the aegis of the Ministry of Social Justice and Empowerment, not the Ministry of Corporate Affairs. Therefore, the correct option is B.
With reference to Ayushman Bharat Digital Mission, consider the following statements:
1. Private and public hospitals must adopt it.
2. As it aims to achieve universal health coverage, every citizen of India should be part of it ultimately.
3. It has seamless portability across the country.
Which of the statements given above is/are correct?
Ayushman Bharat Digital Mission aims to provide digital health IDs for all Indian citizens to help hospitals, insurance firms, and citizens access health records electronically when required. Statement 1 is incorrect. Ayushman Bharat Digital Mission (ABDM) has not made it mandatory for adoption by private and public hospitals. Its adoption so far would be voluntary. Participation in ABDM is voluntary including for citizens. Participation of a healthcare facility or an institution is also voluntary and shall be taken by the respective management (government or private management). Statement 2 is incorrect. The aim of the Ayushman Bharat Digital Mission is to facilitate the ease of access to medical records and it is not been mandated to have every citizen as its part though the facility is available to every citizen on a consent basis. Statement 3 is correct. ABDM will have a national footprint and will enable seamless portability across the country through a Health ID Personal Health Identifier.
What is the aim of the programme ‘Unnat Bharat Abhiyan’?
Unnat Bharat Abhiyan is inspired by the vision of transformational change in rural development processes by leveraging knowledge institutions to help build the architecture of an Inclusive India . The Mission of Unnat Bharat Abhiyan is to enable higher educational institutions to work with the people of rural India in identifying development challenges and evolving appropriate solutions for accelerating sustainable growth. It also aims to create a virtuous cycle between society and an inclusive academic system by providing knowledge and practices for emerging professions and to upgrade the capabilities of both the public and the private sectors in responding to the development needs of rural India.