Statement by India under Agenda Item: 3 Interactive Dialogue with IE on the Effects of Foreign Debt and Other Related International Financial Obligations of States on the Full Enjoyment of Human Rights at the 43rd Session of the Human Rights Council (24 February – 20 March 2020), delivered by Mr. Vimarsh Aryan, First Secretary, Permanent Mission of India, [Geneva, 02 March 2020]

Madam President,

We thank the Independent Expert for his Report. We take note of the conclusion and the set of recommendations made in the report.

Madam President,

2. We agree with the Independent Expert that the ‘financial inclusion’ will be the core phenomenon to realize the socio-economic and cultural rights for all to ensure that no one is left behind. India strongly believes in the core principle of ‘Inclusive development for all and with the trust of all’ which inspires the robust socio-economic policies that we have adopted to address complex and inter-related needs of our people.

3. Our efforts on ‘financial inclusion’ have been acknowledged by the 2017 Global Findex and Intermedia’s 2018 financial inclusion insights survey. Some of the significant steps taken by the Government of India, in this regard, include:

i) The world's largest financial inclusion scheme, covering 370 million people;

ii) Free Health Insurance for 500 million people;

iii) Providing 150 million homes for the underprivileged over the next 5 years;

iv) Highly concessional loans to encourage entrepreneurship, for up to 140 million less wealthy citizens; 76% of the beneficiaries so far are women.

Madam President,

4. India remains committed to ensuring its target of increasing the inclusion of every household in the financial system and looks forward to the deliberations under this agenda item.

I Thank You, Madam President.