India's Direct Benefit Transfer Surges Under Modi Government
Significant Growth in Direct Benefit Transfers
New Delhi, June 12: Finance Minister Nirmala Sitharaman announced on Thursday that the direct benefit transfer (DBT) system has experienced an astonishing increase of over 90 times in the past decade under the leadership of Prime Minister Narendra Modi.
Additionally, she highlighted that India is at the forefront of real-time payments, processing transactions worth more than Rs 260 lakh crore in the fiscal year 2024-25, as shared on the X social media platform.
According to FM Sitharaman, the DBT has escalated from Rs 7,368 crore in 2013-14 to an impressive Rs 6.83 lakh crore in 2024-25, ensuring that financial assistance reaches every citizen effectively.
She also pointed out that India leads globally in real-time payment systems, with over Rs 260 lakh crore in transactions processed and approximately 18,600 crore transactions handled annually.
The Finance Minister described India's technological advancements over the past 11 years as revolutionary, stating, "India has evolved into a center for digital innovation, tech-driven governance, and international confidence."
She emphasized that the transformation spans various sectors, including manufacturing, space technology, digital payments, and rural connectivity, showcasing visible and impactful changes.
This evolution is not merely about technology; it signifies enhanced governance, citizen empowerment, and the vision of a tech-first 'Viksit Bharat', she added.
As of May 21 this year, a remarkable 55.44 crore Jan Dhan accounts have been established in India, with women holding 56 percent of these accounts, and total deposits exceeding Rs 2.5 lakh crore, according to RBI Deputy Governor M. Rajeshwar Rao.
In the fiscal year 2024-25, digital payments witnessed a year-on-year increase of 35 percent in volume, averaging 60.81 crore transactions daily, with UPI contributing to 83.73 percent of these transactions. Rao noted that the rapid adoption of UPI exemplifies the effectiveness of collaborative and use-case-driven innovation in promoting financial inclusion.