Published Paper Details:

Financial inclusion has emerged as a pivotal strategy for driving inclusive economic growth and reducing rural poverty. In India, particularly in the state of Odisha, government-led financial initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Mudra Yojana, and Digital India have aimed to bridge the gap between rural populations and the formal financial system. For rural youths, access to financial services not only facilitates income generation and entrepreneurship but also enhances their socio-economic mobility and empowerment. This study investigates the impact of these financial initiatives on the economic empowerment of rural youths in Odisha. The primary objectives are to assess the level of banking inclusion, evaluate the awareness and utilization of government financial schemes, and analyze the relationship between financial access and youth empowerment in terms of income, savings, and entrepreneurial activities. A mixed-methods approach was adopted, combining quantitative data from 300 surveyed respondents across four rural districts in Odisha with qualitative insights from key informant interviews. Statistical tools, including correlation and regression analysis, were employed to examine the relationship between financial inclusion indicators and empowerment outcomes. Findings reveal a moderate but growing level of financial inclusion among rural youths, with PMJDY having the highest reach. However, gaps persist in credit access, digital literacy, and scheme utilization. Youths who actively participated in financial schemes demonstrated significantly better outcomes in income generation, self-employment, and savings behavior. The study concludes that while government financial initiatives have positively influenced youth empowerment, their full potential remains untapped due to implementation challenges and lack of awareness. Strengthening financial literacy, improving access to credit, and tailoring schemes to the needs of rural youth are critical to enhancing the long-term impact of financial development on youth empowerment in Odisha.