19 crore people brought under banking system in 17 months, claims PM Modi

Mangalore Today News Network

New Delhi, Nov 6, 2015: Prime Minister Narendra Modi on Friday said that the government is working towards ensuring maximum value, empowerment and technological penetration among masses through Jan Dhan-Aadhar-Mobile (JAM) trinity.

 

“JAM for me is Just Achieving Maximum — maximum value, maximum empowerment to people and maximum technological penetration among masses… Indian economy is doing better than when we took over 17 months ago. GDP growth is up, inflation is under control, revenues are up, interest rate is down, fiscal deficit is down and rupee is strong,” the Prime Minister said while inaugurating the Delhi Economic Conclave (DEC), hosted by the Finance Ministry.

Stressing that bringing in “reforms to transform” the country is “marathon and not sprint”, Modi said that even as the world economy is not doing well, the government has initiated a series of well-thought policies along with embarking on fiscal consolidation.

“But there are two issues (with regards to reform) – reforms for what… is it just to increase the GDP growth or bring about a transformation in the society. We must reform to transform… secondly reforms for whom – to impress a group of experts or reforms that help all citizens to achieve better life. It is basically Sabka Sath Sabka Vikas,” the Prime Minister said while elaborating on the financial, institutional, structural and governance reforms undertaken by the government over the last one and a half year.

This is the first time that the event has been inaugurated by Prime Minister since the conclave started in 2010. The theme of the conclave this year is ‘Realising India’s JAM (Jan-Dhan, Aadhar, Mobile) Vision’.

Emphasising that “reforms are not for better headlines in pink papers, it is for better life for people”, the Prime Minister said that the government aims to empower the poor, as “empowering the poor is far more effective than empowering poverty-alleviating industry”.

Further, highlighting achievements of the NDA government, Modi said that by the Jan Dhan initiative, the government has brought 119 million people in the banking system.

“These accounts have almost Rs 26,000 crore or $4 billion… Indian banks have been encourage for mobile ATMs…today 36 per cent debit card are RuPay cards. India has tremendous entrepreneur energy and this needs to be harnessed so that we become a nation of job creators rather than seekers,” the Prime Minister said.

Under the MUDRA scheme, he said that in this “most employment intensive sector”, banks have provided more than six million loans of Rs 38,000 crore or $6 billion to the small business units so far.

 

Courtesy: Indianexpress