PM Jan Dhan Yojana (PMJDY) has made sure that the universal access to a bank account a near reality. However, the level of utilisation of such accounts is very low, which calls for promoting financial literacy in the country as well as radically reforming the financial inclusion agenda.
Recently, farmers from various regions of the country marched to Delhi to register their protest against the government’s neglect of farmers’ demands. Poor earnings of the farmers led to the never-ending distress in the agricultural sector and this resulted in the increasing number of farmer suicides. These worrying realities call for an appropriate policy response and sustainable alternatives to the current agricultural methods.
According to the Asia-Pacific wealth report, Japan’s richest persons have the largest wealth accumulation in the Asia-Pacific region, however, Chinese millionaires are also catching up to them. Meanwhile, Indian millionaires are adding wealth at the fastest in the region, which India can take pride in it. But the reality is that the bottom 60%, the majority of the population, owns less than 5% of the country’s wealth. This growing inequality threatens to destroy the fabric of Indian democracy.
Recently, Prime Minister Narendra Modi received India’s 1st container vessel at Varanasi which had started sailing from Kolkata through inland waterways. This was the first commercial container movement in India after independence. While the aim is to promote inland waterways as a cheaper and more eco-friendly mode of transport, the work is still going on without any environmental clearance.
Recently, the World Bank has released the Ease of Doing Business Index. India has jumped 23 places in the ranking at 77th position as the country made it easier to start a business, deal with construction licenses and enabled faster cross-border trading.
Recently, an inter-ministerial committee on the regulation of the payments system in India has submitted its report to the finance ministry. However, the RBI has opposed its proposal to establish a separate and independent regulator for the payments sector in India.
The Infrastructure Leasing and Financial Services (IL&FS) crisis exposes the weakness in India’s financial regulatory architecture. It highlights the need for suitable reforms in regulatory mechanisms since the consequences are widespread.
Prime Minister Narendra Modi recently claimed that the cooperative movement in Gujarat has developed a successful alternative model to both socialism and capitalism. It has to be noted that, India's 1st home minister Sardar Patel who as chairman of Ahmedabad Municipality had started India’s first cooperative housing society, Pritamnagar, in Ahmedabad in 1927.