Pradhan Mantri Jan Dhan Yojana
Launch Date: 28.7.2014
Objective: A national mission to bring comprehensive financial inclusion of all the households to ensure access of all households to financial services.
Achievements:
- 60% bank accounts opened in rural areas (As on 26.4.2017)
- 44 crore Jan Dhan accounts opened (As on 26.4.2017)
- Total balance in Jan Dhan accounts = Rs. 64,567crores (As on 26.4.2017)
- Over 22 Crore Rupay Cards issued: (As on 26.4.2017)
- Share of zero-balance Jan Dhan accounts dropped to 24% in December 2016 from 73% in December 2014.
- Over 1.25 lakh bank-mitras appointed by banks
- 5 lakh Gram-Dak-Sewaks will function as banking correspondents
Pradhan Mantri Sukanya Samriddhi Yojana
Launch Date: 22.1.2015
Objective: A small deposit savings scheme to promote the welfare of girl child and ensure them a secure future.
Achievements: Over one crore accounts have been opened and an amount of over Rs. 11766 crore has been deposited as on 31.01.2017
Pradhan Mantri Mudra Yojana
Launch Date: 8.4.2015
Objective: To provide financial support for growth (development and refinancing) of micro enterprises sector.
Achievements:
- Easy, loans without guarantee under three categories – Shishu, Kishore and Tarun by the banks.
- Loans more than Rs. 1.80 lakh crore disbursed to over 4 crore borrowers in 2016-17 FY as per data available till 13.04.2017
- More than 70% of the loans has been availed of by women entrepreneurs
- Budget allocation for 2017-18 doubled to Rs.2.44 lakh crores against Rs. 1.22 lakh crores in 2016-17
- Mobile App to be launched soon.
Pradhan Mantri Suraksha Bima Yojana
Launch Date: 9.5.2015
Objective: To provide a very affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; with risk coverage of Rs.2 lakhs for accidental death and full disability and Rs.1 lakh for partial disability.
Achievements:
- Around 10 crore people (as 12th April,2017) enrolled under Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Accident insurance worth Rs. 2 lakh at just Rs. 12 per annum
Pradhan Mantri Jeevan Jyoti Bima Yojana
Launch Date: 9.5.2015
Objective: To create a social security system for the poor and underprivileged in the age group of 18-50 years by providing a renewable life insurance cover of Rs.2 lakhs with just a premium of Rs.330
Achievements:
- 3.10 Crore persons (as on 12th April , 2017) enrolled under PMJJBY.
- Life insurance worth Rs. 2 lakhs at just Rs. 330 per annum
Atal Pension Yojana
Launch Date: 9.5.2015
Objective: To provide financial security in old age through guaranteed minimum monthly pension for those working in informal sector or daily wagers in the age group of 18 to 40 years
Achievements:
- Government contribution- 50 percent of beneficiaries’ premium (up to Rs. 1000) for 5 years in new accounts opened before December 31, 2015.
- As on 21st March, 2017, a total of 46.80 lakh subscribers have been enrolled under APY with a total pension wealth of Rs. 1713.214 crores.
Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins
Launch Date: 05.11.2015
Objective: To reduce the country’s reliance on the imports of gold to meet the domestic demand and to reduce the demand for physical gold
Achievements: Till 14.11.2016, under the Gold Monetisation Scheme a total of 5730 Kilograms of gold has been mobilized and from the six tranches of Sovereign Gold Bonds issued, a total of 14071 kgs of gold units amounting to Rs. 4127 Crore have been subscribed
SOVEREIGN GOLD BONDS
Objective: To provide a new financial instrument of investment to public at large and reduce the demand for physical gold.
Achievements: 3986 kg of Gold bonds worth Rs. 1044 crore subscribed.
INDIAN GOLD COIN SCHEME
Objective: Boost to indigenous gold coin scheme launched under Make in India
Stand- Up India
Launch Date: 5.4.2016
Objective: To support entrepreneurship among women and SC & ST communities by facilitating bank loans between 10 lakh and 1 Crore to them. To benefit at least 2.5 lakh entrepreneurs.
Achievements:
- Loans of more than 15,000 entrepreneurs approved out of which more than 80% are women.
- 500 crore has been allotted in 2016-17
- As on 29.03.2017, Rs. 5237.29 crore sanctioned of which Rs. 2704.19 crore disbursed in 25435 accounts (20305 – women, 1086-ST and 4044 – SC).
- Capital subsidy under new scheme ATUFS (Amended Technology Upgradation Fund Scheme) in Textile Sector will create over 30 lakh jobs, especially for women.
Budget: 2016-17- Rs 500 Cr
Demonetization and fight against black money
Launch Date: 8.11.2016
Objective: A major war against black money was unleashed on 8th November with demonetization of Rs 500 and 1000 currency notes as the first step.
Achievements: There is a major fillip in digital transactions and unearthing of substantial amounts of black money.
Formation of SIT & curbing of black money
Special Investigation Team, SIT set up at the First Cabinet Meeting after the NDA Government assumed office
GST
- One Nation, One Tax- One Nation-One Market
- Passed by Parliament
- To be rolled on July 1,2017
- 4 Tax Rates- 5%, 12%, 18%, 28%
- Reduction in overall taxes on goods ,estimated to be 25-30%
- Lead to ease of doing business and increase in tax revenue collections.
Benefits of GST
Decrease in Inflation due to
- Reduction in Cascading effect of Taxes
- Overall Reduction in Prices
Ease of Doing Business due to
- Common National Market
- Benefits to Small Taxpayers
Decrease in “Black” Transactions due to
- Self-Regulating on line Tax System
- Non-Intrusive and transparent Tax System
More informed consumer due to
- Simplified Tax Regime
- Reduction in Multiplicity of Taxes
Poorer States to gain due to
- GST being a destination based Tax
- Consumer States to benefit the most
- Abolition of CST
Make in India boost due to
- Exports to be Zero Rated
- Protection of Domestic Industry - IGST
*ECONOMIC INDICATORS
- Inflation brought under control. CPI-based inflation declined to 3.65% in February 2017 from7.72% in May 2014.
- Inflation rate averaged 7.79 percent from 2012 until 2016, reaching an all-time high of 11.16 percent in November 2013 and a record low of 3.69 percent in July 2015
- Economic Survey: CPI based Inflation likely to be below 5% .
- Food inflation down to 2.46%; it was 8.88% in May 2014
- Economy has moved on a high growth path.
- India’s Current Account Deficit declined from 1.8% in 2014-15 to 1.3% in Q3 2016. .
- High GDP growth rate : 7%+
- Highest FDI ever : $63 billion
- Fiscal Deficit in control: 3.2%
- Current Account Deficit down from 4% in 2014 to almost zero
- Low inflation : Around 4% from high of 11% in 2014
- Rupee exchange rate in control
*GDP Growth Rate
- India has been the brightest star in global economy since the Government came to power, and fear-mongering over demonetization was exposed by Q3 2016-17 growth of 7.1%
Year
|
Growth rate (%)
|
2012-13
|
5.48
|
2013-14
|
6.54
|
2014-15
|
7.18
|
2015-16
|
7.93
|
2016-17
|
7.11
|
*GDP PROJECTION BY INTERNATINAL AGENCIES (2016-17 vs. 2017-18)
- IMF : 6.6 % (FY’16), 2% (2017-18), 7.7% (2018-19) (As per WEO April 2017)
- OECD : 7 % (FY’16) &7.3% (FY’17)
- World Bank: 7% (FY’16) & 7.6% (FY’17)
- UN ESCAP Report : 7.3% (FY’16) & 7.5%(FY’17)
- ADB : 7% (FY’16) & 7.8%(FY’17)
- Moody’s : 7.1 % (FY’16 & FY’17)
- Fitch : 7.1 % (FY'16) & 7.7 %(2017 -18)
- CSO: 7.1%
*REVAMPING & RESTRUCTURING OF BANKS
- Merger of 5 State Bank subsidiaries into State Bank of India
Pradhan Mantri Garib Kalyan Yojana
Launch Date: 17.12.2016
Objective: To provide an opportunity to pay taxes with heavy penalty to come clean so that the Government gets additional revenue which will be deposited as Pradhan Mantri Garib Kalyan Deposit for undertaking activities for the welfare of the poor and the remaining part of the declared income legitimately comes into the formal economy.
Achievements: Higher revenues to Government from Income Declaration Scheme 2016 (Unearthed Rs.65, 250 crore) and PradhanMantri Garib Kalyan Yojana to raise resources to spend on the poor.
DBT
- Rs.1.71 Lakh Crores have been disbursed under DBT directly into the bank accounts of the beneficiaries.
- Savings due to DBT by elimination of ghost beneficiaries and middlemen worth Rs. 49,560 Crore over the last three years.
- 33 crore people receive various subsidies directly into their bank accounts through DBT.
- 121 Schemes in 23 Ministries/Departments Covered under DBT at present compared to only 34 in March 2015
- Target is to bring 533 Central payment schemes under DBT by March 31, 2018
- ELIMINATION OF MIDDLEMEN AND BROKERS THROUGH DIRECT BENEFIT TRANSFER has been rolled out in 121 districts, 27 selected Central Sector (CS) and Centrally Sponsored Schemes (CSS) in a phased manner. 121 schemes of 23 Ministries/Departments have been on-boarded with DBT.
- 1.79 Lakh Crores have been disbursed under DBT directly into the bank accounts of the beneficiaries.
- Elimination of fictitious claimants and middlemen has resulted into savings of Rs. 49,560 Crore.
INCREASED CREDIT FACILITY OF FARMERS (Finance)
- Around Rs 9 Lakh Crore (2016-17)
RELIEF TO FARMERS IN DISTRESS
- Relief to farmers in distress to be given in case of 33% and more damage to the crop; earlier it was for 50% and more damage.
- Scale of Assistance towards Input Subsidy for Crop increased by 51% for rain-fed areas, 50% for irrigated areas and 50% for perennial areas.
- Amount of relief under various heads increased by 1.5 times.
- For food grains damaged due to excessive rainfall, full minimum support price to be paid
- Families of the deceased persons to be given an assistance of Rs.4 lakhs, up from Rs.2.5 lakhs
- Provision to SDRF has seen a jump of 82% for the 5 year period 2015-20, as compared to the 5 year period 2010-15. It went up to Rs. 61,220 from Rs. 33,580.93
DIRECT SUBSIDY TO SUGARCANE FARMERS
- Direct subsidy to sugarcane farmers- Amount released directly to farmers’ Account.
- Outstanding due amount brought down from Rs 21,000 crore to Rs 878 crore in 2014-15 benefiting 32 lakh farmers.
SWACHCH BHARAT KOSH (Finance)
- To improve the cleanliness levels in rural and urban areas, priority to girl toilets in schools.
- Purpose: Construction of new toilets and repair and renovation of dysfunctional toilets in villages, towns, government schools and aanganwaadis.
- Fund also used for constructing water lines to the toilets, training and skill development to maintain hygiene in the toilets and other activities to improve sanitation.
- Rs 365 crore; used for school toilets & renovation of defunct toilets
SWACHH BHARAT CESS (Finance)
- Contribution to the Swachh Bharat Abhiyan in the form of Swachh Bharat Cess
*ENABLING LEGISLATIONS & AMENDMENTS
- DTAA – Mauritius, Cyprus, Singapore
- Bankruptcy Act
- The Insolvency and Bankruptcy Code, 2016 : Considered as the biggest Economic reforms next only to GST
- The law is for insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner
- The law promotes entrepreneurship, availability of credit, and balances the interests of all stakeholders
- Benami Property Act
- Reshaping of the laws relating to Benami property
- Blocking a major avenue for generation and holding of back money in the form of Benami property, especially in real estate
- Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015
- Agreement on Real Time Information with Switzerland
- Income Disclosure Scheme 2016
- Amendments in Whistle Blower’s Protection Act 2011
- Action for Amendments in the Prevention of Corruption Act, 1988
*BUDGETARY REFORMS (Finance)
3 Major Reforms in Budget 2017-18.
- Presentation of Budget advanced to 1st February to enable the Ministries to operationalize all activities from the commencement of the financial year.
- Merger of Railways Budget with General Budget to bring Railways to the centre stage of Government’s Fiscal Policy and
- Removal of plan and non-plan classification of expenditure to facilitate a holistic view of allocations for sectors and ministries
*DEMONETIZATION
- A Revolutionary step where entire nation came together to uproot the cancer of corruption, black money and terrorism.
- Broke the backs of the corrupt and those who threatened national security
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