How India's Financial Inclusion Initiatives Are Transforming Lives

Revolutionizing Welfare Delivery in India

New Delhi: Finance Minister Nirmala Sitharaman highlighted on Thursday that the Modi administration's innovative financial inclusion programs have significantly transformed welfare distribution in India over the past 11 years, enhancing transparency and reducing leakages.

The NDA government has implemented significant measures aimed at lifting numerous individuals out of poverty, with a strong emphasis on empowerment, infrastructure development, and inclusion.

Sitharaman stated, "The Direct Benefit Transfer (DBT) system has fundamentally changed welfare distribution in India by minimizing leakages and ensuring transparency. Currently, over 1,200 government initiatives utilize DBT, facilitating direct transfers of ₹44 lakh crore to beneficiaries' bank accounts."

This initiative has reportedly saved the country ₹3.48 lakh crore by eliminating inefficiencies, she added.

Additionally, the PM MUDRA Yojana has empowered grassroots entrepreneurship, making it more accessible.

According to the Finance Minister, "This scheme has approved more than 52 crore loans totaling ₹33 lakh crore, with 68% of these loans going to women."

The PM Jan Dhan Yojana has achieved universal banking access, with 55.44 crore accounts opened, 55.7% of which are owned by women.

PM Modi emphasized that the focus on DBT, digital inclusion, and rural infrastructure has enhanced transparency and expedited benefit delivery to the most remote areas.

With funds being directly deposited into beneficiaries' bank accounts, leakage has been significantly reduced, leading to a decrease in subsidy allocations from 16% to 9% of total expenditure, as reported in April.

PM Modi remarked, "This progress has enabled over 25 crore individuals to overcome poverty. The NDA is dedicated to fostering an inclusive and self-sufficient India, where every citizen can live with dignity."