BEHAVIOURAL FINANCE AND INDIA'S JOURNEY TOWARD VIKSIT BHARAT 2047 : STRATEGIC PERSPECTIVES FOR NATIONAL DEVELOPMENT

Viksit Bharat @2047 represents India’s visionary goal of transforming into a
developed nation by the centenary of its independence. This study explores how
behavioural finance can play a pivotal role in advancing this mission by enhancing
economic decision-making, improving policy implementation, and fostering financial
inclusion. It investigates how behavioural biases—such as overconfidence, loss
aversion, and mental accounting—affect financial behaviour at both individual and
institutional levels, with implications for economic outcomes and policy design. The
research identifies critical domains where behavioural insights can be effectively
applied to influence savings behaviour, investment decisions, and financial literacy. By
proposing strategic interventions, the paper outlines how integrating behavioural
finance into policy frameworks can contribute to more effective governance and
sustainable economic progress. Ultimately, this study provides targeted
recommendations for policymakers, financial institutions, and other stakeholders to
align behavioural approaches with India’s broader developmental goals, paving the way
for a more prosperous, inclusive, and resilient Viksit Bharat by 2047