Abstract

Purpose This study examines the joint effects of financial inclusion, digital inclusion, and health inclusion on household well-being in India, with a specific focus on the moderating role of Pasmanda Muslim identity. Design/Methodology Using primary household-level data collected from 2,400 households across six Indian states—Uttar Pradesh, Bihar, West Bengal, Kerala, Assam, and Jammu & Kashmir—the study employs Partial Least Squares–Structural Equation Modelling (PLS-SEM) to estimate both direct and moderating effects. Findings Moderation analysis reveals that Pasmanda Muslim identity significantly conditions inclusion outcomes. Financial inclusion yields stronger welfare gains for Pasmanda households, indicating high marginal returns to formal financial access. In contrast, the welfare impact of health inclusion is weaker for Pasmanda Muslims, highlighting persistent structural and institutional barriers in converting health access into improved well-being. Digital inclusion does not exhibit significant differential effects by social identity, suggesting that digital constraints affect vulnerable households more broadly. Implications The findings underscore the importance of integrated, identity-sensitive inclusion strategies. The study contributes to the literature by advancing a multidimensional and intersectional understanding of inclusion and provides policy relevant insights for designing equitable and effective inclusion frameworks in India. Originality/Values This study is the first of its kind to incorporate identity-sensitive moderation analysis. The study responds to growing calls in development research to move beyond universalist inclusion models and account for structural inequality.

Keywords: financial inclusion; digital inclusion; health inclusion; pasmanda muslims; household well being; pls-sem.