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.
The Union Budget allotted over Rs.80,000 crore for the up-gradation of 1.25 lakh km roads under the phase III of the PMGSY. This government initiative has greatly enhanced India’s rural population’s standard of living and is one of the significant steps towards inclusive economic growth. Not only is this scheme intending to promote inclusive growth but is also taking into account the need for sustainability of the environment by making use of green technology while constructing the road. Under the first two phases of PMGSY, a total of 1.25 lakh km of rural roads have been built across various villages in the country. The government has set a target to construct 7, 000 km of roads under this initiative during 2019-20. This scheme as a whole, until now, has brought in a significant improvement in ease of living for India’s very large rural population.
In recent years, India has charted a unique path to digitization, the impact of which is inclusive, empowering and transformative. It is amongst the top two countries globally, only after China on many dimensions of digital adoption. By 2022, India’s digital economy may cross $1 trillion. This was the focus of India Digital Summit 2019 that was held in New Delhi. Since its launch, it has transformed India significantly. However, it is facing numerous challenges in the current times and the government needs to take steps to make it successful for the inclusiveness and empowerment of all Indian citizens.
In 2015, the UNGA adopted the 2030 Agenda for Sustainable Development. 193 nations, including India, are committed to the 17 Sustainable Development Goals. It broadly involves the eradication of poverty of all forms, fighting inequality and tackling climate change through inclusiveness. India has played a significant role in past years to achieve these goals and its achievement is critical for the global community as it is consists of about 17% of the world population. As per the SDG Index released by the NITI Aayog and the UN showed the nation has scored 58 – almost more the halfway mark in meeting the target set for 2030.
To make India a cashless economy, during the Union Budget 2019-20, the Finance Minister had stated that 2% tax deducted …
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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.