Financial inclusion programs are used as a major economic development tool in emerging economies. Human development is the major determinant of financial inclusion, creating opportunities for people to better access financial services. The study's major aim is to examine the technical efficiency of financial inclusion of Indian states by Data Envelopment Analysis using human development as input. To achieve this objective, a 3-dimensional Financial Inclusion Index (FII) is constructed for 28 major Indian states from 2010 to 2017. Empirical findings suggest most Indian states are under low and medium financial inclusion, and states with better human development have better FII status. Crucially, technical efficiency results reveal states with better human development perform better in terms of FII. The inconsistency in FII and human development ranks is majorly found in North-eastern and high-income Indian states. Therefore, policymakers in India should focus on promoting human development in low Human Development Index states.

中文翻译：

---

金融包容性和人类发展的技术效率：来自印度各州的见解

金融包容性计划被用作新兴经济体的主要经济发展工具。人类发展是普惠金融的主要决定因素，为人们更好地获得金融服务创造了机会。该研究的主要目的是通过使用人类发展作为输入的数据包络分析来检查印度各州金融包容性的技术效率。为实现这一目标，从 2010 年到 2017 年，为印度 28 个主要邦构建了一个 3 维普惠金融指数（FII）。实证结果表明，大多数印度邦处于中低金融普惠水平，人类发展较好的邦具有更好的 FII地位。至关重要的是，技术效率结果表明，人类发展更好的州在 FII 方面表现更好。FII 和人类发展排名的不一致主要出现在印度东北部和高收入各邦。因此，印度的政策制定者应该专注于促进人类发展指数低的州的人类发展。