Part 1: Financial Inclusion
Let us look at Indian Prime Minister Shri Narendra Modi objectively and critically rather than from the angle of communally charged rhetoric and mainstream English media continuous diatribe against him.
Lets us also understand why NDA vote share reached from 38% combined to 45% in 2019, even if we look at standalone numbers of BJP it has gone up substantially from 31% in 2014 to 37% in 2019.
By any imagination it was a pro-incumbency and it rarely happens in India. So, what is the magic? The magic media will never tell you and it is not exceedingly difficult to understand why?
Pro-incumbency is not without a reason, Modi is the first person in Indian history to directly reach approx. 55-60 Cr people at their doorstep and impacted there life, even if the impact was miniscule, people took notice and realized that this govt means business and next term will be even better.
While the mainstream media was busy making sense of big bang decisions and opposition scurrying to make some arguments, like a precision delivery system of amazon by using modern tech of IT / mobility Modi swiftly channelized bureaucracy with jet speed to deliver basics.
Way before 2019 elections, under privileged and main stake holders of electoral politics were already enjoying benefits of basic deliveries like banking, DBT, Insurance, Toilets, and clean fuel. The list of things reached or channelized to reach is large and Impactful. Modi has already moved on to water on tap, composting and STP’s across India.
This is probably the first time in the history of world any government has either reached out or planning to reach a billion people directly at doorstep not only emotionally but with lots of substance, by adding a direct value to their lifestyle, culture, ideology as well as bank account.
While expert will tell you all about economy and GDP number, they can also tell you what’s missing from the lives of really under-privileged people and what should be done with hinterland to upgrade there life, current BJP dispensation really have a plan which lesser mortals like us do not understand. In my opinion well-travelled and rooted BJP / RSS leadership and there understanding of “Bharat” is the reason of such plans and execution thereafter.
Let us understand sequentially, let us all try and understand if there is a Plan or pure “Feku” plus stroke of luck in having a weak opposition.
Jandhan / Aadhar / Mobile Combined with DBT – 2014
It was surprising for many like us that around 30% of India was so underprivileged that even the normal banking was not available to them and it took the govt push not the subservient welfare nationalised banking, the flagbearer of socialism and all the nationalised bank starting from 1970’s were not able to deliver financial inclusivity.
Ever after a behemoth task of opening up 35cr zero balance account and proving access to almost 99% Indians, the criticism started, what is the value of zero balance account? and what will account holder do with that?
To everybody’s surprise, the accounts now hold 1.5L cr and numbers have touched 40 cr accounts as of now.
That is not the end of story, “Direct benefit Transfer” which mostly goes to these accounts now stands at cumulative behemoth figure of 12L cr with zero leakages.
In India no one can believe that such transfer has no leakages after Rajiv’s 15 Paisa jibe but in a short span of two years Modi govt made it possible with every single penny is traceable…. Magic? No, its just a good mix of inclusive economics and available technology which cannot happen unless leadership has political will.
Story is still not complete, close to 2L cr saved just by DBT by plugging gapes and leakages by JAM trinity, reaching out to 40Cr people that is an astounding number in any sense.
Pradhan Mantri Ujjwala Yojana (PMUY) – 2014
Imagine about 10 Cr families and close to 40 Cr people of India were using Wood, Charcoal and Kerosene for their daily bread not only burning the lungs but also living behind a huge trail of carbon foot prints, that too in 21st century when the world is on the verge of colonising moon and targeting planets.
With one masterstroke and breath-taking delivery speed govt reached out to 8 cr families approx. 32 Cr people not only enabling health of those families but also reducing the carbon footprint.
Reduction in kerosene consumption in India is from 2015 till 2020 is approximately 50% from the high of 7.00 MT, India is now consuming only 3.3 MT resulting in savings of 19000 Cr
Mudra Yojna – 2014
This is probably the most important data of all because it demolishes the whole argument of joblessness in India and with this scheme govt is supporting micro entrepreneurship directly without burdening loan guarantee by any state, whole burden of NPA falls directly on central govt.
As of now, 25 Cr Micro – Entrepreneur received disbursal from Mudra Yojna and a total of more then 10L Cr distributed. With more then 5 Cr new borrower we can safely assume that must have generated 20-30 Million employment. The more heartening news is 70% Loans are going to woman entrepreneurs.
Let us also not forget with 2-3% NPA as of now its not a big risk by COVID 19 can make NPA issue worrisome.
Estimating 88 – 100 Cr people will vote in 2024, with above three Modiji has already reached out to 30-40 Cr people putting him in a neat bracket of 50% vote share.
Ujala Yojna – 2015
A simple program of LED bulb distribution has reached 36 Cr bulbs which entail no subsidy to ex-chequer but resulting in tremendous saving of over 50,000 Cr to both parties. Ever increasing per head electricity consumption and to maintain such supply dynamics many such smart programmes are required.
Bima / Insurance – 2015
Atal Pension Yojna: 3 Cr
Prime Minister Jeevan Jyoti Bima Yojna: 8 Cr
Pradhan Mantri Suraksha Bima Yojana: 18 Cr
PM Fasal Bima Yojna: 7 Cr
The one of its kind social security net started by BJP govt is Pension, Insurance and Crop cover. The size and scale are unprecedented, and it is still penetrating in hinterland.
Lack of support from regional parties and congress lead state govts is the main reason for low penetration. All the above is directly connected to JAM (Jandhan, Aadhar and Mobile) which is why the first step of opening banking account was historical and critical in Modi’s scheme of things to come.
Imagine a 100% subscription of farmer to insurance schemes, GIS tagging of Land, pre-registration of Crop will end the waiver demands of all state govt will end for ever.
The nationalised banking system which is paralysed because of priority funding will no longer have to bother as crop insurance / insurance redeem routed to them will eventually end NPA in priority sector.
Next scheme of Modi is just a chain on this and will try to cover as much as possible, while govt is not only taking up new initiative every day, tracking and focusing on how this things are impacting is difficult task for a journalist, I am just a enthusiast who is happy to see ground level work and reach out to likeminded people.
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