10 DECISIONS BY MODI GOVERNMENT THAT BOOSTED INDIAN ECONOMY

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    10Pradhan Mantri Jan Dhan Yojana

    Mr Narender Modi has turned out to be a leader with substantiated will and intensified drive to pluck India out of its economic predicament. The leader is always as good as his leadership and Mr Modi has proved to be a cut above the rest, owing to his unconventional ways that cut through the glass ceilings of propaganda and constraints. His conviction to power through, his belief in his goals, his knowledge about his subject and his perpetual will to learn reflects through his speeches, body language and decision making. His entire cabinet has been his army in arms that has stood by him and aided him with the necessary support to actualise various plans for the overall benefit of the nation.

    Let us acquaint ourselves with ten such leading-edge decisions taken by the Modi government that have been able to reshape the social and economic fibres of our country.
    One such trailblazing decision taken by the Modi government is “Pradhan Mantri Jan Dhan Yojana” that pivots around the idea of financial inclusion for India’s sizable population, where much of it is beyond the ambit of country’s financial services. The prime minister had lifted the curtain on this scheme on his maiden independence day speech on 15th august, 2014. As a walk-up to the final day, all the comprehensive efforts that had gone into drafting, promoting and orienting people about this scheme, the resulting number of bank accounts that came into effect with the scheme’s inauguration scaled up to 1.5 crore(15 million) bank accounts. This number was a conquest and a touchstone in itself as the Guinness Book of World records ushered in this achievement by recording it and stating: “The most bank accounts opened in one week as a part of the financial inclusion campaign is 18,096,130 and was achieved by the Government of India from August 23 to 29, 2014”. June, 2018 concluded with over 31 crore (318 million) bank accounts and the banks flushed with endowments of over ₹792 billion (US$12 billion). The accounts opened under this scheme, known as the “Jan Dhan” accounts had comparatively relaxed standards and added perks to attract and include that section of our population, who stood aloof from the financial services, for a wide variety of reasons, including poverty, lack of accessibility, illiteracy and the like. The relaxed norms fought the inertia in many ways, two of which made it possible for these citizens to open no frill accounts, i.e. opening up of accounts without a minimum balance that could be accessed with the use of biometrics. The perks included a free Rupay debit card for every Jan Dhan account, an accidental insurance cover of ₹.2.00 lakh and a life cover of ₹. 30,000 payable at the demise of the account holder.

    The theme of “Pradhan Mantri Jan Dhan Yojana” was upheld by its slogan “Mera Khatha, Bhagya Vidhatha” which rendered a powerful meaning that stated “my bank account shall bring me good fortune” and so was the case. With an ease in access, a large portion of our population was made able to access the financial security that came with the use of country’s financial services. With all this exposure and knowledge, India’s technological canvas also showed prominence and advancement. Financial strength and security are not exclusive concepts, these are the foundation of a much larger chain of variables that are directly co related with the former’s strengthening. Partaking in banking doesn’t just ensure financial security for the account holder, it in fact helps in the strengthening of the financial fibre of the country too. Ideal funds are sort of like a burden on the economy. This scheme has helped a lot in attracting people to put their money in the banks where it will be safeguarded and even increased depending upon various benefits offered in respective schemes.

    Banking sector, which is often deemed as the “lifeblood” of any economy and is rightly so also, got a major revamp and boost at the hands of this scheme and India was able to realise and actualise one of its most prominent strengths i.e. Indians, the arms, the strength our country which was speaking in the form of numbers now.
    Our country has been struggling with the predicaments of poverty and illiteracy of such magnitude that there is such a considerable chunk of our population doesn’t even know about the basic functioning of the banking sector within our country. Amidst all of that, getting such a huge section of people to the thresh holds of banks was a huge achievement and it was an inclusion that was long due as a step towards the growth of our country.

     
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