The Globalization and Liberalization have opened India's Economy and shifted it towards Capitalism like never before. It resulted in the growth of Indian Economy, reduction of Poverty, Improved Public Health etc. The Impacts of Globalization and Liberalization in the financial sector on common men are ---
--The opening of new banks and increased penetration in Rural areas covered people in the Banking net.
--The schemes like PMJDY and the FDI in Insurance sector have ensured financial inclusion of Common Man and the subsequent transfer of Subsidies and benefits from govt. into their bank accounts has made the benefits to reach the beneficiaries without delay and deterioration of money.
--The savings of Bank accounts, provident fund accounts etc. were invested in the Money Markets resulting in common men earning better than in savings accounts.
--The increased production and availability of credit made people acquire more materials and more indebted.
--The investment options became available for all classes of the society viz Rich, Middle and Poor.
--The schemes like PMJDY and the FDI in Insurance sector have ensured financial inclusion of Common Man and the subsequent transfer of Subsidies and benefits from govt. into their bank accounts has made the benefits to reach the beneficiaries without delay and deterioration of money.
--The savings of Bank accounts, provident fund accounts etc. were invested in the Money Markets resulting in common men earning better than in savings accounts.
--The increased production and availability of credit made people acquire more materials and more indebted.
--The investment options became available for all classes of the society viz Rich, Middle and Poor.
----What initially was seen as Pro-Rich has become beneficial for people at large. Eve a person with little savings is investing in Real Estate or Money Market and this ensures the inclusive growth of the country.
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