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VOL. 12, ISSUE 1 (2026)
Unified payment Interface (UPI) and Inclusive growth: A correlation and regression study of India’s progress towards Sustainable Development Goals (SDGs) through UPI
Authors
Krishnendu Maitra
Abstract
Unified payment interface (UPI) has been
identified as a key tool of digital revolution in India. However, it also plays
an important role in achieving United Nation’s Sustainable Development Goals
(SDGs) in India. This study investigates wether poverty reduction (SDG 1), Industrial
growth (SDG 9), Income inequality (SDG 10) and economic growth (SDG 8) have any
impact on the growth of digital financial inclusion and growth in India through
UPI. Correlation and regression analysis was done on panel data from 2016-17 to
financial year 2024-25. UPI transaction volume was taken as a proxy for
measuring the growth of UPI while poverty rate, Gini coefficient, Index of
Industrial Productivity and GDP growth rate (%) were taken as proxies for
measuring the advancement of SDGs. The analysis revealed that social factors like
poverty rate and income inequality plays a key role in expansion of digital
finance while macro economic factors such as Industrial growth and Gross
Domestic productivity do not have significant influence on UPI or digital
financial expansion.
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Pages:355-358
How to cite this article:
Krishnendu Maitra "Unified payment Interface (UPI) and Inclusive growth: A correlation and regression study of India’s progress towards Sustainable Development Goals (SDGs) through UPI". International Journal of Commerce and Management Research, Vol 12, Issue 1, 2026, Pages 355-358
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