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Time of India
05-07-2025
- Business
- Time of India
India beats US, China, G7 & G20 nations to become one of the world's most equal societies: Here's what World Bank says
What is driving India's equality success? Live Events PM Jan Dhan Yojana: Over 55 crore bank accounts opened to boost financial inclusion. Aadhaar: India's digital ID now covers 142 crore people, helping deliver welfare directly through Direct Benefit Transfers, which saved Rs 3.48 lakh crore by March 2023. Ayushman Bharat: Free health coverage of Rs 5 lakh for families; over 41 crore health cards issued. Stand-Up India: Helps SC/ST and women entrepreneurs with loans and support. PM Vishwakarma Yojana: Provides help for artisans through training and loans. PMGKAY (Free Food Scheme): Supports over 80 crore citizens with food security. Inputs from ANI (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India has been ranked as one of the most equal countries globally when it comes to income, according to the latest data released by the World Bank. With a Gini Index of 25.5, India now stands fourth in the world for income equality, behind only the Slovak Republic, Slovenia, and Gini Index measures how income is distributed in a country. A score of 0 means perfect equality, while 100 means maximum inequality. India's new score places it ahead of developed countries like China (35.7) and the United States (41.8), as well as all G7 and G20 nations. Back in 2011, India's Gini Index was 28.8, showing steady improvement over the Ministry of Social Welfare said in a statement, 'This shows how India's growth is being shared more fairly among its people. The government has focused on reducing poverty, increasing financial access, and giving welfare help directly to those who need it.'From 2011 to 2023, 171 million Indians moved out of extreme poverty, as per the World Bank's Spring 2025 Poverty and Equity Brief. The extreme poverty rate dropped from 16.2% to just 2.3%, based on the global poverty line of USD 2.15 per government schemes making a difference:
Business Standard
02-07-2025
- Business
- Business Standard
India's GDP has more than doubled in last decade, FDI inflows jumped 1.43%
In the past eleven years, India has risen from the eleventh to the fourth largest economy in the world. Our GDP has more than doubled-from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025 noted Hardeep Singh Puri, Minister of Petroleum & Natural Gas. We have recently overtaken Japan and are poised to become the third-largest economy by 2030, overtaking Germany, the Minister remarked, highlighting the nation's resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management. The Minister emphasized India's success in attracting global investment, with USD 748 billion of foreign direct investment inflows between 2014 and 2025-an increase of 143% over the previous decade-and the expansion of source countries from 89 to 112. Landmarks in policy reform, including the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened the nation's business landscape. The transformation in tax administration underscores India's evolving financial culture: annual Income Tax Returns filed grew from 3.6 crore in FY 2013-14 to 8.5 crore in FY 2024-25, with 95% processed within 30 days. He further stated that India's banking sector has also witnessed a historic turnaround, with gross non-performing assets of Scheduled Commercial Banks dropping from 14.58% in FY 2017-18 to below 3% in FY 2024-25. The digital economy's backbone, the Unified Payments Interface (UPI), now handles nearly 50% of real-time digital transactions globally, serving over 500 million active users. Fintech adoption stands at 87%, compared to the 67% global average, facilitated by India's universal digital identity and access through Aadhaar and mobile services.
The Hindu
02-07-2025
- Business
- The Hindu
Bhupendra Patel launches Jan Suraksha Santrupti Abhiyan in Gandhinagar
Gujarat Chief Minister Bhupendra Patel launched the Jan Suraksha Santrupti Abhiyan in Gandhinagar on Monday (June 30, 2025). Finance Minister Kanubhai Desai was present at the event. The campaign will be held across the country from July 1 to September 30. It aims to identify eligible citizens who have not yet received benefits under government welfare schemes and to deliver those benefits to them. The schemes covered include Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, and Jan Dhan Yojana. The campaign also includes updating KYC for Jan Dhan accounts, opening new accounts and creating awareness about digital fraud. At the event, the Chief Minister gave cheques of ₹2 lakh each to three beneficiaries under the Pradhan Mantri Suraksha Bima Yojana and handed over a Jan Dhan passbook to one account holder. He said that it is the responsibility of officials to ensure that the benefits of these schemes reach those who are eligible. He also said that the State must contribute to the larger goal of achieving complete coverage under these schemes. District collectors, development officers, officials from urban bodies, and banks have been asked to prepare district-level action plans to meet the targets set under the campaign. Finance Department Principal Secretary T. Natarajan gave a brief on the campaign's structure and current figures. He said 1.93 crore Jan Dhan accounts have been opened in Gujarat, with ₹21,409 crore transferred through Direct Benefit Transfers. He said around 90 lakh people are covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana, and 1.92 crore under the Pradhan Mantri Suraksha Bima Yojana. District officials, bankers and villagers from Pundrasan joined the event through video conference. Chief Secretary Pankaj Joshi, Additional Chief Secretary to the Chief Minister Avantika Singh, Secretary (Economic Affairs) Arti Kanwar, CM's Secretary Dr. Vikrant Pandey, and Bank of Baroda officials were also present.
India Gazette
25-06-2025
- Business
- India Gazette
Parliamentary committees should not oppose government but act as supportive and corrective instruments: Lok Sabha Speaker Birla
New Delhi [India], June 25 (ANI): The two-day National Conference of Chairpersons of Estimates Committees of Parliament and State / UT Legislatures, which was inaugurated by the Speaker, Lok Sabha Om Birla, on Monday at Maharashtra Vidhan Bhawan, Mumbai, concluded on Tuesday. Addressing the Valedictory Session, the Speaker, Lok Sabha, Om Birla underscored the importance of fostering institutional synergy, enhancing financial accountability, and embracing technology-driven governance to strengthen democratic processes. He highlighted that seamless coordination among various arms of governance is crucial for efficient policy implementation and citizen-centric administration. Emphasising transparency and fiscal responsibility, the Speaker called for robust mechanisms to ensure prudent use of public funds. Furthermore, he advocated for the integration of advanced digital technologies to improve administrative efficiency, promote real-time public service delivery, and uphold the values of good governance in the digital age. Emphasising on accountability and innovation in governance, he emphasised that Parliamentary Committees, whether at the Centre or in States, are not opposed to the government but rather act as supportive and corrective instruments, offering constructive guidance. By offering well-researched recommendations and acting as a bridge between the executive and the legislature, these committees contribute to transparent, accountable, and effective governance, he added. The Speaker urged members to uphold the spirit of collaboration and responsibility, reinforcing the committees' role as pillars of parliamentary democracy. He also called for coordination between Estimate Committees of Parliament and the states/UTs legislatures. Advocating for a robust Committee oversight and technology integration in public spending, Birla noted that by leveraging modern technological tools such as AI and data analytics, oversight mechanisms can become more precise and impactful. He called for empowering Committees with necessary resources and digital capabilities to monitor expenditures closely, thereby reinforcing fiscal discipline and promoting good governance. Birla stressed that public representatives, given their direct connection with the people, have a deep understanding of ground-level issues and can significantly enhance budget scrutiny through meaningful engagement. Mentioning that Estimates Committees must ensure that every rupee spent is for people's welfare, Lok Sabha Speaker emphasised that fiscal resources of the country must be utilised efficiently and responsibly. He reiterated that the role of Estimates Committees is not just to monitor expenditure but to ensure that welfare schemes are relevant, accessible, and effective for the common citizen, with a special emphasis on social justice and welfare. Birla stated that technology-driven governance, such as Direct Benefit Transfers, has reduced pilferage and ensured that benefits reach the intended recipients--a goal that Estimates Committees must continue to support. Reflecting on the purpose and impact of the Conference, Birla said that the platform reaffirmed the collective commitment of legislative institutions to fiscal discipline, transparency, and public accountability. Birla also called for wider public engagement with the Committee process and encouraged dissemination of Committee findings to build greater trust in democratic institutions. He suggested that similar conferences be held for other Committees such as the Privileges Committee, Petitions Committee, and the Committee on Empowerment of Women, to encourage inter-legislative dialogue and promote adoption of best practices. Birla expressed confidence that the consensus and ideas forged at this conference would translate into more efficient, accountable, and people-centric governance. The Conference unanimously adopted six key resolutions that lay out a forward-looking roadmap for strengthening Estimates Committees, Lok Sabha Secretariat said in a release. Chairpersons and Members of Estimates Committees from 23 States and Union Territories participated in the Conference. The conference, which marks 75 years of the Estimates Committee's journey, brought together key stakeholders to discuss ways to strengthen institutional mechanisms of financial oversight and improve administrative efficiency in the world's largest democracy. The theme of the Conference was, 'Role of Estimates Committee in effective Monitoring and Review of Budget Estimates for ensuring Efficiency and economy in Administration'. (ANI)
India Gazette
24-06-2025
- Business
- India Gazette
"Parliamentary committees should not oppose government", says Om Birla
Mumbai (Maharashtra) [India], June 24(ANI): The two-day National Conference of Chairpersons of Estimates Committees of Parliament and State / UT Legislatures, inaugurated by the Speaker of the Lok Sabha, Om Birla, on Monday at Maharashtra Vidhan Bhawan, Mumbai, concluded today. Addressing the Valedictory Session, the Speaker of the Lok Sabha, Om Birla, underscored the importance of fostering institutional synergy, enhancing financial accountability, and embracing technology-driven governance to strengthen democratic processes. He highlighted that seamless coordination among various arms of governance is crucial for efficient policy implementation and citizen-centric administration. Emphasising transparency and fiscal responsibility, the Speaker called for robust mechanisms to ensure prudent use of public funds. Furthermore, he advocated for the integration of advanced digital technologies to improve administrative efficiency, promote real-time public service delivery, and uphold the values of good governance in the digital age. Emphasising accountability and innovation in governance, he emphasised that Parliamentary Committees, whether at the Centre or in States, are not opposed to the government but act as supportive and corrective instruments, offering constructive guidance. He added that these committees contribute to transparent, accountable, and effective governance by offering well-researched recommendations and acting as a bridge between the executive and the legislature. The Speaker urged members to uphold the spirit of collaboration and responsibility, reinforcing the committees' role as pillars of parliamentary democracy. He also called for coordination between the Estimates Committees of Parliament and the states/UTs legislatures. Advocating for a robust Committee oversight and technology integration in public spending, Birla noted that by leveraging modern technological tools such as AI and data analytics, oversight mechanisms can become more precise and impactful. He called for empowering Committees with the necessary resources and digital capabilities to monitor expenditures closely, thereby reinforcing fiscal discipline and promoting good governance. Birla stressed that public representatives, given their direct connection with the people, have a deep understanding of ground-level issues and can significantly enhance budget scrutiny through meaningful engagement. The Lok Sabha Speaker mentioned that Estimates Committees must ensure that every rupee spent is for people's welfare. He emphasised that the country's fiscal resources must be utilised efficiently and responsibly. He reiterated that the role of Estimates Committees is not just to monitor expenditure but to ensure that welfare schemes are relevant, accessible, and effective for the common citizen, with a special emphasis on social justice and welfare. Birla stated that technology-driven governance, such as Direct Benefit Transfers, has reduced pilferage and ensured that benefits reach the intended recipients, a goal that Estimates Committees must continue to support. Reflecting on the purpose and impact of the Conference, Birla said that the platform reaffirmed the collective commitment of legislative institutions to fiscal discipline, transparency, and public accountability. Birla also called for wider public engagement with the Committee process and encouraged dissemination of Committee findings to build greater trust in democratic institutions. He suggested that similar conferences be held for other Committees, such as the Privileges Committee, Petitions Committee, and the Committee on Empowerment of Women, to encourage inter-legislative dialogue and promote adoption of best practices. Birla expressed confidence that the consensus and ideas forged at this conference would translate into more efficient, accountable and people-centric governance. The Conference unanimously adopted six key resolutions that lay out a forward-looking roadmap for strengthening Estimates Committees. The Valedictory Address was delivered by the Governor, Maharashtra, C.P. Radhakrishnan. Deputy Chairman, Rajya Sabha, Harivansh, and Chairperson, Committee on Estimates, Parliament of India, Sanjay Jaiswal also spoke on this occasion. Leader of Opposition in Maharashtra Legislative Council, Ambadas Danve, delivered the Welcome Address and Deputy Speaker, Maharashtra Legislative Assembly, Anna Dadu Bansode, delivered the Vote of Thanks. Chairman, Maharashtra Legislative Council, Ram Shinde; Speaker, Maharashtra Legislative Assembly, Rahul Narwekar; Members of Committee on Estimates, Parliament of India; Chairpersons of Committees on Estimates in States and Union Territories Legislatures; Members of Maharashtra Legislature and other dignitaries remained present during the Valedictory Session. Chairpersons and Members of Estimates Committees from 23 States and Union Territories participated in the Conference. The conference, which marks 75 years of the Estimates Committee's journey, brought together key stakeholders to discuss ways to strengthen institutional mechanisms of financial oversight and improve administrative efficiency in the world's largest democracy. The theme of the Conference was, 'Role of Estimates Committee in effective Monitoring and Review of Budget Estimates for ensuring Efficiency and economy in Administration'. (ANI)
