India Modi-fied - India Rising
It was the morning of the 68th Independence Day celebrations and along with the rest of the world, India was awaiting its “new generation” Prime Minister to address the Nation from the Red Fort. What followed has created history. It is being hailed as one of the best speeches ever being delivered by a leader. Standing far apart from his predecessors, the 70 minute extempore speech has sent ripples of optimism and hope across a country tired of monotonous, unenthusiastic empty words. How these translate into action, still remains to be seen, however, what cannot be ruled out is the positive impact this has had on not just the morale of the nation but also the financial markets.
What stood out for a common man is the Prime Minister referring to himself as the “PradhanSewak”, doing away with the bullet proof barrier, communicating directly with his people and even breaking the security cordon to meet with little children that had been waiting to participate in the celebrations
From the Red Fort that day MrModi gave us a glimpse of the renaissance that’s tapping at India’s door.
Announcing initiatives that have possibly not been discussed earlier from that platform. Never before India has known a Prime Minister that addresses the (non existant) state of toilets in the country or checking the “sons” on what they have been getting upto.
As MrModi stands at the helm of his first 100 days as the Prime Minister, he stands tall before the country with a few bright feathers in his cap. One such bright feather is the launch of the government’s financial inclusion plan the PradhanMantri Jan DhanYogna.
The Salient features of this plan are : This is the largest financial services sector exercise ever in the country where one and a half crore bank accounts were opened via almost 80,000 camps in rural and urban areas, along with the same number of insurance policies, which is being claimed as a national record for most number of accounts opened in a day.
Through this, at least 7.5 crore households will get basic bank accounts by January 25, 2015. Being rolled out in two phases- in the first phase, each household is to get an account and a debit card. Upon satisfactory operation of the account for six months, the account holder will get aRs 5000 overdraft facility. Modi says having a debit card will help counter the current economic apartheid in the country. In the second phase, all households that open such bank accounts under the Jan DhanYojana will get Rs 1 lakh accident insurance for 1.5 crore people. MrModi explained that the poor face considerable out-of-pocket expenses in medical emergencies; in the lack of formal credit facility through banking channels, this pushes them into debt-traps.
All those who open accounts by January will get Rs 30,000 life insurance over and above the Rs 100,000 accident insurance. Again, this will ease financial pressure on lower-income sections, who are often left with no source of income when the primary earning member passes away.
As you study the yojana in detail you realize how this is likely to positively effect other related sectors like banking, insurance, building, telecom, post and telegraph, communicationetcetc. This is indeed set out to be Mr Modi’s first blockbuster that is likely to improve the lives of millions of poor Indians by bringing them into the financial mainstream and freeing them from the clutches of the moneylenders while giving them the safety net of an insurance cover.
Mr Modi seems to have taken India by a storm and is making the right moves, then whether it is all eyes on Varanasi from his trip to Kyoto-Japan or the impending “Summit Of the Year” in USA later this year. While he wears a shrewd politicians head on his shoulders, he wears his heart on his sleeve for the children – the future of our country. So as all schools around the country gear up to be addressed by our Prime Minister, it is safe to say that finally India is rising to claim its rightful place in the world. India is Modi-fied!!
VOX-POPs
“His policies are all inclusive, so the growth in any sector is bound to affect all the sections of society. He is a techno-savvy diplomat who stays well connected with his people. His leadership is meant to diffuse tensions throughout the region and help whole of South East Asia as such. He believes in keeping his promises. He promised the Jan-DhanYogna on the 15th of August and it was implemented on the 28th of August ” NeeluRaut – New Delhi
“Finally a scheme to help the poor secure his life and savings at zero cost. They get all the modern facilities of an online account and a debit card too. Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank. Another superb initiative from the Modi government.” – VedantKaushal, Gurgaon
“ An excellent initiative by the government to help secure the poor by1 lakh insurance. They get a debit card with a bank account and hopefully finally the poorest get some money in the bank.” – Anil Paul, Jaipur
“ This marks the beginning of the Indian success story of eradicating poverty and implementing skill development program by initiating this Financial Inclusion Program, empowering the poor and contributing to the overall growth of the country” – Jayanta Gupta, Kolkata
It was the morning of the 68th Independence Day celebrations and along with the rest of the world, India was awaiting its “new generation” Prime Minister to address the Nation from the Red Fort. What followed has created history. It is being hailed as one of the best speeches ever being delivered...
It was the morning of the 68th Independence Day celebrations and along with the rest of the world, India was awaiting its “new generation” Prime Minister to address the Nation from the Red Fort. What followed has created history. It is being hailed as one of the best speeches ever being delivered by a leader. Standing far apart from his predecessors, the 70 minute extempore speech has sent ripples of optimism and hope across a country tired of monotonous, unenthusiastic empty words. How these translate into action, still remains to be seen, however, what cannot be ruled out is the positive impact this has had on not just the morale of the nation but also the financial markets.
What stood out for a common man is the Prime Minister referring to himself as the “PradhanSewak”, doing away with the bullet proof barrier, communicating directly with his people and even breaking the security cordon to meet with little children that had been waiting to participate in the celebrations
From the Red Fort that day MrModi gave us a glimpse of the renaissance that’s tapping at India’s door.
Announcing initiatives that have possibly not been discussed earlier from that platform. Never before India has known a Prime Minister that addresses the (non existant) state of toilets in the country or checking the “sons” on what they have been getting upto.
As MrModi stands at the helm of his first 100 days as the Prime Minister, he stands tall before the country with a few bright feathers in his cap. One such bright feather is the launch of the government’s financial inclusion plan the PradhanMantri Jan DhanYogna.
The Salient features of this plan are : This is the largest financial services sector exercise ever in the country where one and a half crore bank accounts were opened via almost 80,000 camps in rural and urban areas, along with the same number of insurance policies, which is being claimed as a national record for most number of accounts opened in a day.
Through this, at least 7.5 crore households will get basic bank accounts by January 25, 2015. Being rolled out in two phases- in the first phase, each household is to get an account and a debit card. Upon satisfactory operation of the account for six months, the account holder will get aRs 5000 overdraft facility. Modi says having a debit card will help counter the current economic apartheid in the country. In the second phase, all households that open such bank accounts under the Jan DhanYojana will get Rs 1 lakh accident insurance for 1.5 crore people. MrModi explained that the poor face considerable out-of-pocket expenses in medical emergencies; in the lack of formal credit facility through banking channels, this pushes them into debt-traps.
All those who open accounts by January will get Rs 30,000 life insurance over and above the Rs 100,000 accident insurance. Again, this will ease financial pressure on lower-income sections, who are often left with no source of income when the primary earning member passes away.
As you study the yojana in detail you realize how this is likely to positively effect other related sectors like banking, insurance, building, telecom, post and telegraph, communicationetcetc. This is indeed set out to be Mr Modi’s first blockbuster that is likely to improve the lives of millions of poor Indians by bringing them into the financial mainstream and freeing them from the clutches of the moneylenders while giving them the safety net of an insurance cover.
Mr Modi seems to have taken India by a storm and is making the right moves, then whether it is all eyes on Varanasi from his trip to Kyoto-Japan or the impending “Summit Of the Year” in USA later this year. While he wears a shrewd politicians head on his shoulders, he wears his heart on his sleeve for the children – the future of our country. So as all schools around the country gear up to be addressed by our Prime Minister, it is safe to say that finally India is rising to claim its rightful place in the world. India is Modi-fied!!
VOX-POPs
“His policies are all inclusive, so the growth in any sector is bound to affect all the sections of society. He is a techno-savvy diplomat who stays well connected with his people. His leadership is meant to diffuse tensions throughout the region and help whole of South East Asia as such. He believes in keeping his promises. He promised the Jan-DhanYogna on the 15th of August and it was implemented on the 28th of August ” NeeluRaut – New Delhi
“Finally a scheme to help the poor secure his life and savings at zero cost. They get all the modern facilities of an online account and a debit card too. Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank. Another superb initiative from the Modi government.” – VedantKaushal, Gurgaon
“ An excellent initiative by the government to help secure the poor by1 lakh insurance. They get a debit card with a bank account and hopefully finally the poorest get some money in the bank.” – Anil Paul, Jaipur
“ This marks the beginning of the Indian success story of eradicating poverty and implementing skill development program by initiating this Financial Inclusion Program, empowering the poor and contributing to the overall growth of the country” – Jayanta Gupta, Kolkata
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