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GIFT Nifty stands for Gujarat International Finance Tec-City (GIFT) National Financial Inclusion Index. It is a financial inclusion index developed by the GIFT City in partnership with CRISIL and the Centre for Microfinance.
The index measures the extent of financial inclusion in Indian states and union territories based on four key parameters: branch penetration, deposit penetration, credit penetration, and insurance penetration.
Branch penetration refers to the availability of banking branches in a particular region, while deposit penetration measures the proportion of households with a bank account. Credit penetration looks at the extent to which households have access to credit, and insurance penetration measures the percentage of households with insurance coverage.
The GIFT Nifty index provides a comprehensive picture of financial inclusion across different regions in India, helping policymakers and financial institutions identify areas that need improvement.
The index is calculated on a scale of 0 to 100, with higher scores indicating better levels of financial inclusion. States and union territories are ranked based on their GIFT Nifty scores.
The GIFT Nifty index is updated annually to track changes in financial inclusion levels over time and assess the impact of policies and initiatives aimed at promoting financial inclusion.
The index serves as a valuable tool for policymakers, regulators, and financial institutions to monitor progress towards achieving the goal of universal financial inclusion in India.
By promoting financial inclusion, the GIFT Nifty index aims to improve access to financial services for underserved populations, reduce inequality, and promote economic growth and development.
The index can also be used by researchers, academics, and development practitioners to analyze trends and patterns in financial inclusion and identify best practices for promoting inclusive finance.
Overall, the GIFT Nifty index plays a crucial role in advancing financial inclusion efforts in India and supporting the country's goal of building a more inclusive and sustainable financial system.